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If Santander is cutting 1900 jobs in the UK who will be next?

As the Spanish banking giant Santander prepares to put the finishing touches to a 1900 job redundancy package in the UK there are concerns that other UK banks will use this opportunity to shed some of their employees. Now that one of the major players in the UK has broken ranks this makes it easier for the likes of Barclays, HSBC and others to follow suit. But there are things as bad at other banks as they appear to be at Santander?

Whether the situation at the likes of Barclays and HSBC for example would prompt further substantial job cuts remains to be seen but each and every financial operation in the UK is looking at ways to cut costs. We have seen the demise of the branch network over the last few years and an opportunity to streamline their workforce may be something which many banks will find too tempting.

The UK financial sector has already seen tens of thousands of jobs cut, with the City a particular victim, but a further cull of financial employment positions around the UK would cause serious problems for the government. This is also at a time when the UK banks are rumoured to be asking Gordon Brown for further funding to ensure they are able to operate in the short, medium and longer term.

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