More jobs to go at Abbey in 2006
25th October 2005
Following the announcement shortly after taking over that it would reduce the workforce of UK bank Abbey by 4,000, it is now believed that Spanish outfit Banco Santander will cut a further 2,500 positions next year. |
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Santander, the largest bank in Spain, purchased Abbey, formerly Abbey National, last year for GBP8 billion. However, shortly after taking control of the mortgage specialist the Spanish bank took the decision to cull 4,000 staff in a stringent cost cutting exercise.
Don Emilio Botin, the head of Santander, declined to comment on the speculation ahead of the company presenting a strategic update. However, according to reports, Abbey has already been in contact with unions about the speculated measures, which if realized would mean a quarter of Abbey's workforce will have been made redundant since Santander's takeover.
According to the Guardian newspaper, an Abbey official said: "We never ruled [further cuts] out. We have been speaking to the union about future plans, but obviously can't comment on the nature of those plans."
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