Major bank ‘considering quitting the UK’ after axing hundreds of jobs

Santander could exit the UK aft 2 decades arsenic a large subordinate connected British precocious streets, according to reports.

The Spanish bank’s UK businesses is said to person caused ‘frustrations’ among bosses successful caller years.

Reasons see the UK’s ring-fencing rules, precocious costs, its autarkic committee and involvement complaint differences.

In November, the slope was forced to acceptable speech £295 cardinal to screen the imaginable costs of a tribunal ruling connected car concern commission.

Bosses are considering a fig of options including leaving the UK marketplace to absorption connected higher-growth regions specified arsenic the US, the Financial Times reported.

At 1 point, Barclays was successful talks to bargain Santander’s UK business, according to Reuters.

The talks reportedly broke down owed to disagreement implicit the terms of the deal, and it’s unclear whether Barclays is inactive interested.

Santander gained a ample foothold successful the UK erstwhile it bought gathering nine Abbey National successful 2004.

After the 2007-2008 fiscal crisis, it became 1 of Britain’s biggest lenders by merging Abbey with Alliance & Leicester and portion of Bradford & Bingley, renaming it Santander UK.

The reports travel amid flagging economical show astir the country, which Labour is nether expanding unit to crook around.

International Monetary Fund forecasts estimation past year’s maturation volition person clocked successful astatine 0.9%, though it’s expected to amended to 1.6% this year.

Get successful interaction with our quality squad by emailing america astatine webnews@metro.co.uk.

For much stories similar this, check our quality page.

MORE: New Look confirms store closure with 90 UK branches ‘at risk’ successful large plans

MORE: Much-loved precocious thoroughfare manner retailer with 364 stores ‘at hazard of closing branches’