34 jobs to go as Santander restructures

Tuesday 18 August 2015

A restructuring of Santander's Jersey operations is to result in the cutting of 34 jobs.

The bank said that some employees would have their job roles matched in the proposed new structure however, as the number of roles has reduced, this may lead to a number of redundancies.

On 1st June, Santander's Jersey operations were consolidated into the Santander UK plc, Jersey branch as part of a court approved scheme. In line with the new Banking Reform legislation, Santander Private Banking in Jersey is reviewing its operating model as a branch to improve efficiency and alignment to Santander UK.

James Pountney, Managing Director, Santander Private Banking, said: “There is never a good time to announce changes such as this and we are acutely aware of the uncertainty staff are facing. We would like to thank them for their continued professionalism and co-operation. We have consulted with Advance Union and want to be clear and transparent to employees, and support them through this transition.

“Santander is committed to having a sustainable business in Jersey, and the transformation we have undertaken will allow us to best position the business to meet future changes and challenges, and have a presence on the island that we can build and grow.”

The bank said the structural transformation will provide a sustainable first class service that is tailored to personal clients with a need for banking services outside the UK. 

The Santander Jersey Corporate business is not affected by this announcement and maintains business as usual.