Santander will close one in five branches as customers go online – The Times

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Santander will close one in five branches as customers go online – The Times

Santander plans to close 140 branches and make more than 800 staff redundant because more of its customers are switching to smartphone apps to conduct their banking.

Britain’s fifth-largest bank will cut a fifth of its high street network, leaving 614 branches. It puts 1,270 jobs at risk, although Santander hopes to find alternative roles for about a third of the workers affected.

The bank blamed changes in consumer behaviour for its cull. The number of transactions carried out at branches has fallen by 23 per cent in the past three years, while activity online and on mobile phones has risen by 99 per cent, it said.

The lender was created in its present form in 2004, when Santander, a Spanish bank based in Madrid,…

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