Banking giant Santander is set to close 95 of its UK branches.
The move, which has been justified by the firm’s focus on shifting to online banking, means that there will now only be 349 branches in the UK – down from 444.
The decision leaves around 750 jobs at risk as it looks to increase its number of digital customers, which stood at 7m in 2024.
The London-based firm has also confirmed that 36 of its remaining branches will operate on reduced hours, while 18 will become counter-free, abolishing the need for a cashier.
This will leave Santander with only 290 full-service branches.
Financial transactions completed in the bank’s branches have fallen 61% since 2019 and online banking usage increased.
“Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers,” a spokesperson said.
There are still some positives to be taken for its 14 million active customers however.
Despite the closures, the bank has said that 93% of the UK population will still be within 10 miles of a Santander branch.
Customers will also be able to conduct banking in 11,000 Post Office branches and 112 banking hubs across the nation, with all closing branches being within one mile of a Post Office.
After the news broke today, there has been much talk online regarding the decision.
Kirsty Honeyman, who is today working her last day at Santander UK as a financial crime transaction monitoring investigator, wrote: “And just like that, after 9 years, 8 months and 19 days, today is my last day as a Santander UK employee.
“I’m feeling mixed emotions, I feel so blessed to have met so many amazing people during my time at the bank but sad that it had to end due to redundancy. Thanks to all my colleagues past and present for the memories.
“Now to get ready for my new job at Barclays UK!”
Simon Dawson, managing director at Redporth Limited, was sympathetic towards those who could potentially be at risk of redundancy.
He added: “I welcome the Chancellor’s comments this week where she says there is ‘too much bureaucracy’ which is making it ‘too slow to get things done’ in the UK.
“It’s obviously a difficult decision that Santander has made and the news will personally impact a lot of people.
“Lets hope that any new policy on regulation and regulators takes into account the human element sitting behind many of the decisions being made by the government.”