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‘Santander to axe 1,900 jobs’

January 14, 2009 at 1:53 pm

Banco Santander, one of the largest commercial banking companies in the world, is to make almost 2,000 people redundant.

The cull, which will have an impact upon Santander’s British operations, will help the company save £180 million over the next two years.

Santander purchased Bradford and Bingley, Abbey National, and Alliance and Leicester over a four-year period but the recent downturn in world markets has rendered the bank unable to support its hefty wage bill.

The Communication Workers Union (CWU) was determined to ensure that the vast majority of the losses were achieved through natural turnover and voluntary redundancies, but could do nothing to block the move altogether.

Antonio Horta-Osorio, the chief executive of Santander, stated that the cull was geared towards reducing the amount of duplicate positions in its branches.

Customer service personnel and counter staff throughout the country will be spared the ignominy of the dole queue.

Almost all the financial institutions in the world have been forced to accept job cuts as a quick-fire solution to ailing profits.

Experts are now worried that mass redundancies are becoming a popular way of reducing the impact of the credit crunch and are understandably pessimistic about the prospects for 2009.

The Confederation of British Industry (CBI) expects unemployment figures to top 3 million within the next two years.

Woolworths, Zavvi, Gatwick Airport, Rolls Royce, and numerous contractors all over the country have been forced to show their staff the door. On the 13th of December alone, 3,000 jobs were lost.

Unfortunately, despite extensive government scrutiny, the financial burden that British industry has been forced to carry over the past few months shows no sign of reducing.

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