Santander will shut 44 bank branches across its network, putting 291 jobs at risk as the banking giant accelerates its response to customers' rapid shift towards digital services. The closures come as 96% of all customer transactions now take place through digital channels.
The Spain-based bank is overhauling its store network to reflect changing customer behavior. The move marks the second major round of branch closures in less than a year.
Santander plans to replace closing branches with "community bankers" who will operate from Santander Local stores or banking hubs. This approach aims to maintain a local presence while adapting to customers' digital preferences.
A Santander spokeswoman explained: "In response to a continuing and sizeable shift towards customers using digital banking, we are making changes to our branches to better support our customers."
"We will continue to invest in both our branch network – comprising of full-service branches, counter-free branches, reduced-hour branches, Santander Locals, and our increasingly popular work cafes – as well as our digital banking services, so we can be there to support our customers however they choose to bank with us."
Recent closures
The current announcement follows Santander's closure of 95 branches last March, which affected 750 workers. The latest cuts demonstrate the ongoing pressure on traditional banking infrastructure as customers embrace online and mobile banking.
The bank emphasized it will continue investing in its remaining physical network alongside its digital services to support different customer preferences.
Note: This article was created with Artificial Intelligence (AI).
