Santander to close Wandsworth and Clapham branches as rise in online banking blamed

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Santander to close Wandsworth and Clapham branches as rise in online banking blamed

Postby Community Editor » Wed Jan 23, 2019 2:29 pm

Santander is to close 140 branches in the UK, including ones in both Wandsworth and Clapham High Streets.

The bank said it is consulting with unions and will seek to find alternative roles for 1,270 employees affected by the closures. It expects to redeploy about a third across the group.

The branches involved include those that are not visited frequently and are in close proximity to another branch.

Santander will retain a network of 614 branches with its customers also having the option to bank using the more than 11,000 Post Office sites across the UK.

The move comes as the number of transactions carried out at Santander branches fell by 23% over the past three years, while transactions online and on mobile phones soared by 99%.

According to consumer group Which?, nearly two thirds of the UK's bank branch network has been lost over the past 30 years.

Banks and building societies had 20,583 branches in 1988 according to parliamentary records, but the consumer group's analysis of current account providers suggests the figure has dwindled to 7,586 branches.

The big high street lenders such as Royal Bank of Scotland and Lloyds Banking Group are also closing stores to deal with customers' changing banking habits and to reduce costs as well as deal with the challenge from new digital only banks such as Starling and Monzo.

However, the branch closures are also seeing people having to travel long distances in order to access financial services and cash.

Source: https://www.wandsworthguardian.co.uk/ne ... ng-blamed/

Photo credit: Laura Lean/PA Wire
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