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Report: Santander UK to ax senior staff in cost-cutting drive

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Report: Santander UK to ax senior staff in cost-cutting drive

Santander UKPlc is planning to lay off scores of its senior managers in thecoming months in a bid to cut costs and bolster profitability, The Sunday Times reported April 3,citing City of London sources.

The reductions will not affect the bank's branch network inthe U.K. The plan comes as parent Banco Santander SA moves to 425 branches in Spain in 2016 aspart of an overhaul of its physical network in the country by 2018.

The bank currently employs 20,000 staff and has nearly 1,000branches, the paper noted.