U.S. markets close in 3 hours 38 minutes
  • S&P 500

    4,179.81
    +12.22 (+0.29%)
     
  • Dow 30

    34,390.71
    +160.37 (+0.47%)
     
  • Nasdaq

    13,574.18
    -8.25 (-0.06%)
     
  • Russell 2000

    2,223.87
    -17.50 (-0.78%)
     
  • Crude Oil

    65.04
    -0.59 (-0.90%)
     
  • Gold

    1,815.80
    +31.50 (+1.77%)
     
  • Silver

    27.51
    +0.99 (+3.73%)
     
  • EUR/USD

    1.2060
    +0.0051 (+0.42%)
     
  • 10-Yr Bond

    1.5750
    -0.0090 (-0.57%)
     
  • GBP/USD

    1.3893
    -0.0015 (-0.11%)
     
  • USD/JPY

    109.1090
    -0.0800 (-0.07%)
     
  • BTC-USD

    57,287.15
    -343.29 (-0.60%)
     
  • CMC Crypto 200

    1,486.94
    +15.53 (+1.06%)
     
  • FTSE 100

    7,076.17
    +36.87 (+0.52%)
     
  • Nikkei 225

    29,331.37
    +518.77 (+1.80%)
     

Santander to shut 111 branches and make Milton Keynes new HQ

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Oscar Williams-Grut
·Senior City Correspondent, Yahoo Finance UK
·9 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Santander announced a sweeping overhaul of its UK business on Thursday, responding to big falls in branch usage and changes in the way employees are working. Photo: Dinendra Haria/SOPA/Sipa USA
Santander announced a sweeping overhaul of its UK business on Thursday, responding to big falls in branch usage and changes in the way employees are working. Photo: Dinendra Haria/SOPA/Sipa USA

Santander (SAN.MC) has announced plans to permanently close over 100 UK branches, shut regional offices, and move its headquarters to Milton Keynes.

Santander announced a sweeping overhaul of its UK business on Thursday, responding to big falls in branch usage and changes in the way employees are working.

The Spanish banking giant said it planned to shut 111 branches following a 50% slump in usage last year. Branch visits had fallen by a third in the two years prior to the pandemic.

“Branch usage by customers has fallen considerably over recent years so we have made the difficult decision to consolidate our presence in areas where we have multiple branches relatively close together," Santander's head of branches Adam Bishop said.

"The majority of the closing branches are within three miles of another branch and the furthest is five miles away."

READ MORE: HSBC plans to slash office space post-COVID

The bank will have 452 branches after the closures.

Santander said it was consulting with trade unions about the changes but expected to be able to find new jobs for "a significant number" of those affected. 840 jobs are affected.

Alongside branch closures, Santander announced an overhaul of how it runs its business in the UK. The bank said it would shift its headquarters from London to Milton Keynes and invest £150m ($205m) in building a new campus there.

At the same time, offices in London, Manchester, and Newcastle will be closed. Office space elsewhere in London and Newcastle will be reduced, as will space in Leicester.

READ MORE: Lloyds to axe 20% offices as it moves to 'flexible working'

Around 5,000 staff will be affected by the office closures and space reduction. Santander said it would allow affected staff to work from home and use new "local collaboration spaces." All staff will remain working from home until at least June.

"The pandemic has accelerated the existing trend towards greater flexible working, and our colleagues have told us this has brought significant benefits for many of them," chief executive Nathan Bostock said.

Rivals Lloyds (LLOY.L) and HSBC (HSBA.L) have already announced plans to shut office space and move to more flexible working patterns post pandemic.

Santander's UK business struggled last year due to the pandemic. Pre-tax profit fell 44% at the bank last year as it was forced to set aside £448m to cover an expected spike in losses. Santander wrote down the value of its UK business by £5.5bn last year, which pushed the Spanish bank to its biggest quarterly loss in history.

WATCH: Former Goldman Sachs CFO Marty Chavez on how to regulate big tech like big banks

The branches closing and date of closure are:

  • Arnold: 84 Front Street, Arnold NG5 7EJ 12— August 2021

  • Ashby-de-la-Zouch: 24 Market Street, Ashby-de-la-Zouch LE65 1AL — 29 July 2021

  • Ashford Church Road: 30 Church Road, Ashford TW15 2UY — 5 August 2021

  • Balham High Road: 200 Balham High Road, London SW12 9DH — 24 June 2021

  • Banstead High Street: 79 High Street, Banstead SM7 2NL — 1 July 2021

  • Barking: 37 Station Parade, Barking IG11 8EB — 12 August 2021

  • Beckenham: 212-214 High Street, Beckenham BR3 1EN — 12 August 2021

  • Bethnal Green: 450 Bethnal Green Road, Bethnal Green E2 0HG — 15 July 2021

  • Bingley Main Street: 155 Main Street, Bingley BD16 1AJ — 1 July 2021

  • Birmingham Erdington: 112 High Street, Erdington B23 6RS — 29 July 2021

  • Bishopsgate: 224 Bishopsgate, London City EC2M 4AN — 24 June 2021

  • Blaby: 9 Crossways House, Blaby LE8 4DD — 1 July 2021

  • Bletchley: 24 The Concourse, Brunel Centre, Bletchley MK2 2DL — 8 July 2021

  • Bramhall: 3 Woodford Road, Bramhall SK7 1JN — 5 August 2021

  • Brighouse Commercial Street: 26 Commercial Street, Brighouse HD6 1AQ — 15 July 2021

  • Brighton London Road: 16 London Road, Brighton BN1 4HY — 1 July 2021

  • Bristol Bedminster: 95 East Street, Bedminster BS3 4HA — 29 July 2021

  • Camberwell: 34 Denmark Hill, Camberwell SE5 8RZ — 29 July 2021

  • Castleford Carlton Street: 51 Carlton Street, Castleford WF10 1AN — 29 July 2021

  • Catford: 162 Rushey Green, Catford SE6 4JT — 8 July 2021

  • Cheadle: 16 High Street, Cheadle SK8 1AJ — 8 July 2021

  • Chelsea Kings Road: 138 Kings Road, Chelsea SW3 4XB — 8 July 2021

  • Chester-Le-Street: 57-59 Front Street, Chester-le-Street DH3 3DD — 8 July 2021

  • Chingford Old Church Road: 35 Old Church Road, Chingford E4 6SJ — 1 July 2021

  • Chiswick: 336 Chiswick High Road, Chiswick W4 5TL — 15 July 2021

  • Chorlton-cum-Hardy: 575 Wilbraham Road, Chorlton-cum-Hardy M21 9AB — 8 July 2021

  • Clifton Whiteladies Road: 107 Whiteladies Road, Bristol BS8 2PB — 15 July 2021

  • Cobham: 13 High Street, Cobham KT11 3DH — 12 August 2021

  • Cosham: 81 High Street, Cosham PO6 3BL — 12 August 2021

  • Coulsdon: 138 Brighton Road, Coulsdon CR5 2XR — 29 July 2021

  • Dagenham: 247 Heathway, Dagenham RM9 5BG — 15 July 2021

  • Dalkeith: 25-27 High Street, Dalkeith EH22 1LD — 22 July 2021

  • Dalston: 86 Kingsland High Street, Dalston E8 2PG — 12 August 2021

  • Darwen: 10-11 Market Street, Darwen BB3 1DN — 12 August 2021

  • Dewsbury: 12 Northgate, Dewsbury WF13 1DT — 12 August 2021

  • Dudley: Merryhill Merryhill Centre, Dudley DY5 1SY — 24 June 2021

  • Edinburgh Morningside Road: 356 Morningside Road, Edinburgh EH10 4TE — 29 July 2021

  • Enfield Hertford Road: 199 Hertford Road, Enfield EN3 5JH — 5 August 2021

  • Finchley High Road: 760 High Road, Finchley N12 9QH — 24 June 2021

  • Fulham: 421 North End Road, Fulham SW6 1NY — 5 August 2021

  • Glasgow Kilmarnock Road: 110 Kilmarnock Road, Shawlands G41 3NN — 8 July 2021

  • Glasgow Sauchiehall Street: 147 Sauchiehall Street, Glasgow G2 3EW — 24 June 2021

  • Gosforth: 129-131 High Street, Gosforth NE3 1HG — 29 July 2021

  • Grays: 30 High Street, Grays RM17 6LU — 29 July 2021

  • Halesowen: 9 Hagley Street, Halesowen B63 3AS — 22 July 2021

  • Hanover Square: 14a Hanover Square, London W1S 1JL — 1 July 2021

  • Harborne High Street: 182-184 High Street, Harborne B17 9PP — 5 August 2021

  • Harold Hill: 69 Farnham Road, Harold Hill RM3 8XA — 22 July 2021

  • Harpenden: 31a High Street, Harpenden AL5 2RU — 22 July 2021

  • Hatfield: 11 Town Centre, Hatfield AL10 0NY — 1 July 2021

  • Hayes Station Road: 16 Station Road, Hayes UB3 4DY — 8 July 2021

  • Haywards Heath: 37-39 South Road, Haywards Heath RH16 4LQ — 1 July 2021

  • Hempstead Valley: 27 Hempstead Valley Shopping Centre, Gillingham ME7 3PQ — 24 June 2021

  • High Holborn: 306a High Holborn, London WC1V 7JZ — 8 July 2021

  • Hinckley: 6 Castle Street Hinckley LE10 1DB — 29 July 2021

  • Horsforth: 42 Town Street, Horsforth LS18 4AP — 5 August 2021

  • Hounslow Bath Road: 388 Bath Road, Hounslow TW4 7HT — 15 July 2021

  • Huyton: 57 Derby Road, Huyton L36 9YA — 8 July 2021

  • Hyde Market Place: 11 Market Place, Hyde SK14 2NP — 15 July 2021

  • Leatherhead: 2 High Street, Leatherhead KT22 8HT — 12 August 2021

  • Leeds Crossgates: 59-61 Station Road, Crossgates LS15 8DT — 15 July 2021

  • Leicester Horsefair Street: Permanent House, Horsefair Street, Leicester LE1 5BJ — 15 July 2021

  • Leicester Narborough Road: 256 Narborough Road, Leicester LE3 2AP — 8 July 2021

  • Leigh-on-Sea: 85 The Broadway, Leigh-on-Sea SS9 1PN — 5 August 2021

  • Letchworth: 12-14 Central Approach, Letchworth SG6 3DJ — 5 August 2021

  • Leytonstone: 662 High Road, Leytonstone E11 3BD — 12 August 2021

  • London Bridge: 9 Southwark Street, London SE1 1RQ — 15 July 2021

  • Long Eaton: 79 High Street, Long Eaton NG10 1GE — 5 August 2021

  • Lytham Clifton Street: 75 Clifton Street, Lytham St Annes FY8 5ER — 22 July 2021

  • Margate: 110-112 High Street, Margate CT9 1JR — 22 July 2021

  • Marlow: 37 High Street, Marlow SL7 1XA — 1 July 2021

  • Mill Hill: 45 The Broadway, Mill Hill NW7 3DJ — 15 July 2021

  • Moorgate: 48-54 Moorgate, London EC2R 6EJ — 1 July 2021

  • Morecambe: 42 Euston Road, Morecambe LA4 5DD — 5 August 2021

  • Nelson The Centre: Nelson BB9 9SX — 29 July 2021

  • New Malden: 132 High Street, New Malden KT3 4HY — 22 July 2021

  • Newcastle-under-Lyme: 58 High Street, Newcastle-under-Lyme ST5 1QE — 15 July 2021

  • Norbury: 1424 London Road, Norbury SW16 4EP — 1 July 2021

  • Oadby: 38 The Parade, Oadby LE2 5BF — 22 July 2021

  • Oxford Headington: 116 London Road, Oxford OX3 9AS — 12 August 2021

  • Petts Wood: 97 Queensway, Petts Wood BR5 1SG — 5 August 2021

  • Pinner: 27 Bridge Street, Pinner HA5 3JW — 8 July 2021

  • Plymstock: 9 Dean Hill, Plymstock PL9 9AA — 5 August 2021

  • Poulton-le-Fylde: 18 Market Place, Poulton-le-Fylde FY6 7AS — 12 August 2021

  • Putney: 88-90 Putney High Street, Putney SW15 1RB — 29 July 2021

  • Rickmansworth: 107-109 High Street, Rickmansworth WD3 1EG — 1 July 2021

  • Runcorn: 12 Orchard Walk, Runcorn WA7 2BS — 1 July 2021

  • Sale: 46 School Road, Sale M33 7XE — 22 July 2021

  • Shepherds Bush: 23 Shepherds Bush Green, London W12 8PH — 22 July 2021

  • South Harrow: 285-287 Northolt Road, Harrow HA2 8JS — 22 July 2021

  • Southampton Bitterne Road: 424 Bitterne Road, Southampton SO18 1BS — 5 August 2021

  • Southampton Shirley: 1 Shirley High Street, Southampton SO15 3TE — 8 July 2021

  • Southgate: 6 Chase Side, Southgate N14 5NY — 22 July 2021

  • Strand: 406 Strand, London WC2R 0NE — 24 June 2021

  • Surbiton: 12 Victoria Road, Surbiton KT6 4JW — 29 July 2021

  • Swinton: 143 Chorley Road, Swinton M27 4AE — 1 July 2021

  • Syston: 1262 Melton Road, Syston LE7 2HB — 24 June 2021

  • Twickenham: 1 King Street, Twickenham TW1 3SD — 1 July 2021

  • Upper Edmonton: 163 Fore Street, Upper Edmonton N18 2UX — 29 July 2021

  • Walkden: 33 Bolton Road, Walkden M28 3AX — 24 June 2021

  • Wallasey: 14 Liscard Village, Wallasey CH45 4JW — 22 July 2021

  • Welling: 14 Bellegrove Road, Welling DA16 3PP — 22 July 2021

  • Wembley Preston Road: 223 Preston Road, Wembley HA9 8XD — 29 July 2021

  • West Wickham: 30 High Street, West Wickham BR4 0SN — 15 July 2021

  • West Worthing: 37 Goring Road, Worthing BN12 4AR — 15 July 2021

  • Weybridge: 9 High Street, Weybridge KT13 8ED — 15 July 2021

  • Wibsey: 9 Folly Hall Road, Wibsey BD6 1UL — 24 June 2021

  • Wickford: 18A High Street, Wickford SS12 9AZ — 8 July 2021

  • Windsor: 97 Peascod Road, Windsor SL4 1AZ — 5 August 2021

  • Winton: 330 Wimborne Road, Winton BH9 2HP — 22 July 2021

  • Wokingham: 12 Broad Street, Wokingham RG40 1AB — 8 July 2021

WATCH: What are negative interest rates?