The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
1,900 jobs Number of planned job losses
Announcement Date
12 December 2008
Employment effect (start)
Foreseen end date
Description
The banking group Santander is to cut 1,900 jobs across the UK as a response to the group's deteriorating financial performance. The cuts amount to 8% of the group's UK worforce and they will affect staff based at premises in London, Leicester and Bradford. The losses are part of wider cost-cutting measures since Santander aims to save £180m by 2011. Although as of 12 December 2008 the exact timeline the losses will occur is unknown, the company announced that they will take effect in 2009.
Sources
12 December 2008: The Guardian
12 December 2008: BBC News UK
Citation
Eurofound (2008), Santander, Internal restructuring in United Kingdom, factsheet number 67632, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67632.
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