Spanish banking group Santander has cut down 724 jobs and pulled out of investment advice, but the lender has set up a financial planning arm comprising 150 staff members to deal with existing customers.
The bank had suspended all 874 investment advisers following a strategic review in December 2012, which pronounced Santander as ‘not RDR ready’.
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An individual consultation period is underway for all staff that will run up until 6 May 2013.
The new financial planning team will consist of affected individuals, who will be considered for these roles. Additionally, staff could be relocated to other divisions within Santander in retail, including the mass affluent ‘Select’ division and business banking.
Santander said, there is also a freeze on external recruitment within the retail division as it seeks to redeploy bancassurance staff.
According to Santander UK spokeswoman, "There is never a good time to announce changes such as this and we are acutely aware of the uncertainty staff are facing.
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By GlobalData"We are working closely with other business areas to ensure that many of those who may be impacted are able to secure roles in a growing Santander Group and we are committed to redeploying as many colleagues as possible."
