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Santander announces 1900 job losses in the UK

Spanish banking giant Santander has today announced 1900 job losses in the UK across its three main UK businesses which are Abbey, Alliance & Leicester and Bradford & Bingley. The move comes at a time when many had hoped the UK banking sector was over the worst only for rumours of further state aid to start circulating and the £8 billion HBOS write-off being announced today. So is the UK banking sector under yet more pressure?

Even though the banking sector has received a multibillion pound rescue package over the last few weeks it would appear that some banks are in need of further capital injections to sustain their businesses in the short to medium term. While no names have been mentioned it would appear with the HBOS write off today that the group may still be feeling the pressure of the ongoing economic slowdown and it may take longer to bed down the business within the Lloyd's TSB Group.

As we have covered before, the government will need to introduce stricter agreements in exchange for further capital injections or risk a backlash from taxpayers who have been disappointed with the return from the earlier rescue package.

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