Latest news with #BancoSantander
Scottish Sun
an hour ago
- Business
- Scottish Sun
Santander cuts 2,000 jobs as it closes 95 banks and reduced opening hours in big cost-cutting plan
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SANTANDER has revealed it has made more than 2,000 job cuts after it announced plans to close almost 100 bank branches. The banking giant today reported a drop in its half-year profits. Sign up for Scottish Sun newsletter Sign up 1 Santander has been implementing a major cost-cutting plan for this year Credit: Getty It said it has been slashing its workforce and getting rid of locations as part of a major cost-cutting plan. The plan is expected to continue throughout this year. Santander said in March it would close 95 of its branches and reduce hours at another 50 sites. Following the changes, Santander will have 290 full-service branches across the country. It said at the time that roughly 750 jobs were at risk. It comes as major banks cut down on the number of physical locations as more customers turn to online banking. Traditional bricks and mortar banks have also faced stiff competition from online-only challenger banks. These are often able to offer more favourable rates to customers due to their lower costs. The Santander group announced last October it was axing more than 1,400 jobs across the UK bank in 2024. It recently announced a £2.65billion deal to buy UK rival TSB, with the takeover expected to complete in the first quarter of 2026. Santander's £130 Million Recovery: What You Need to Know Mike Regnier, chief executive of Santander, said Banco Santander's the deal to buy TSB from Spanish rival Sabadell would speed up the bank's transformation. He said: "In the first six months of 2025 we continued to build momentum in our strategy to become the best bank for customers in the UK by investing in technology and service, and improving our processes and efficiency. "Banco Santander's recent agreement to acquire 100% of TSB from Sabadell accelerates our transformation, allowing us to enhance our customer proposition and invest more in innovative products and our digital offering. "This is an excellent deal for customers, combining two strong and complementary banks." Which branches have closed or are set to close? Here is the list of branches that have shut or are shutting in the coming months: Aberdare - 24 June Arbroath - 17 June Armagh - 1 July Blackwood - 23 June Blyth - 5 August Bognor Regis - 14 July Borehamwood - 1 July Brecon - 25 June Brixton - 11 August Caernarfon - 7 July Camborne - 7 July Canvey Island - 5 August Clacton - 16 June Cleveleys - 23 June Colne - 14 June Colwyn Bay - 24 July Crowborough - 23 July Croydon - 16 June Cumbernauld - 7 July Didsbury - 8 July Downpatrick - 6 August Dungannon - 23 June Edgware Road - 12 August Eltham - 23 June Exmouth - 15 July Falmouth - 21 July Farnham - 29 July Felixstowe - 16 July Finchley - 6 August Fleet - 30 June Formby - 11 August Gateshead Metro - 16 June Glasgow LDHQ - 24 June Glasgow MX - 23 June Greenford - 24 June Hackney - 15 July Hawick - 24 July Herne Bay - 8 July Hertford - 29 July Holloway - 14 July Holywell - 13 August Honiton - 14 July Kidderminster - 18 June Kilburn - 17 June Kirkby - 22 July Launceston - 16 June Louth - 17 June Magherafelt - 24 June Malvern - 2 July Market Harborough - 1 July Musselburgh - 30 June New Milton - 28 July Peterhead - 16 June Plympton - 14 August Portadown - 30 June Pudsey - 28 July Rawtenstall - 15 July Ross-On-Wye - 30 July Ruislip - 7 July Rustington - 5 August Saltcoats - 21 July Seaford - 15 July Shaftesbury - 23 July Sidcup - 11 August St Austell - 8 July St Neots - 30 July Stokesley - 31 July Strabane - 23 July Surrey Quays - 10 November Swadlincote - 30 June Tenterden - 7 July Torquay - 17 June Tottenham - 8 July Whitley Bay - 6 August Willerby - 13 August Wimborne - 4 August Wishaw, Date to be announced Bexhill, Date to be announced Billericay, Date to be announced Dover, Date to be announced Droitwich, Date to be announced Dunstable, Date to be announced East Grinstead, Date to be announced Holyhead, Date to be announced Ilkley, Date to be announced Larne, Date to be announced Lytham St Annes, Date to be announced Maldon, Date to be announced Morley, Date to be announced North Walsham, Date to be announced Redcar, Date to be announced Saffron Walden, Date to be announced Turriff, Date to be announced Uckfield, Date to be announced Urmston, Date to be announced. What Santander shake-up means Santander announced earlier this year that it would be carrying out major changes. Some 95 branches will be shutting this year, while a further 36 branches have had their hours reduced, 18 will be counter-free, and five will be Work Cafes. The new Work Cafe concept includes co-working spaces, superfast WiFi and dedicated event spaces which can be accessed for free. Branches with reduced hours will be open on either Mondays, Wednesdays and Fridays between 9.30am and 3pm, or Tuesdays and Thursdays 9.30am to 3pm and Saturdays 9.30am to 12.30pm. The exception is the Caerphilly branch, which will be open Tuesdays and Thursdays between 9.30am to 3pm. The reduced hours began at the end of June. Counter-free branches won't have the traditional banking teller behind a counter, but there will be Santander staff available. The majority of services will still be available although customers will need to use the Post Office for transactions involving large cash withdrawals or coin. Areas affected by branch closures will instead be served by "community bankers" who can provide "face-to-face money management and general support for customers, visiting local communities weekly, as well as attending local Banking Hubs". Santander had said it would contact all potentially vulnerable customers affected by the closures by phone and try to find ways to help them. There is also a dedicated phone number to provide customers with help and information on the closures. To get more information, you can call 0330 678 2469. Other banks closing branches Santander isn't the only major bank closing branches this year. Some 17 bank branches will be shutting their doors this August alone, while 423 branches already closed between January and this month. A further 127 are expected to close between September and December. According to consumer champion Which?, banks and building societies have closed 6,443 branches since January 2015, at a rate of around 53 closures each month. NatWest Group, including NatWest, Royal Bank of Scotland and Ulster Bank, has closed the most, with 1,477 branches shut since 2015. Lloyds Banking Group, which includes Lloyds Bank, Halifax and Bank of Scotland, shut 1,391 in the same period. Barclays alone has reduced its network by 1,236 branches, the most for any individual bank.
Yahoo
2 days ago
- Business
- Yahoo
Why Banco Santander (SAN) is a Great Dividend Stock Right Now
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus. Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases. Based in Madrid, Banco Santander (SAN) is in the Finance sector, and so far this year, shares have seen a price change of 96.71%. The financial holding company is currently shelling out a dividend of $0.09 per share, with a dividend yield of 2.02%. This compares to the Banks - Foreign industry's yield of 3.32% and the S&P 500's yield of 1.45%. Looking at dividend growth, the company's current annualized dividend of $0.18 is up 20% from last year. Over the last 5 years, Banco Santander has increased its dividend 4 times on a year-over-year basis for an average annual increase of 35.07%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Banco Santander's current payout ratio is 18%, meaning it paid out 18% of its trailing 12-month EPS as dividend. Looking at this fiscal year, SAN expects solid earnings growth. The Zacks Consensus Estimate for 2025 is $0.97 per share, with earnings expected to increase 16.87% from the year ago period. Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. But, not every company offers a quarterly payout. For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that SAN is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Banco Santander, S.A. (SAN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Bloomberg
5 days ago
- Business
- Bloomberg
Genworth Expects to Collect $750 Million on UK PPI Court Ruling
Genworth Financial Inc. expects to receive about $750 million after a UK court found Banco Santander SA liable for losses it suffered in relation to the mis-selling of payment protection insurance policies before 2005. The policies were sold by GE Capital Bank, which the Spanish lender acquired in 2009. They were underwritten by two units of Genworth that were sold to Axa SA in 2015. On Friday, a UK court said Santander was liable for Axa's losses linked to those policies and awarded it about £680 million ($911 million), the firms said in statements Friday.
Yahoo
19-07-2025
- Business
- Yahoo
£10,000 invested in Santander shares 5 years ago is now worth…
It has been a fantastic five years for Banco Santander (LSE:BNC) shareholders. The Spanish bank stock is up 216% over this time, turning every £10,000 invested back then into £31,600. On top of that, there has been a steady flow of rising dividends since they resumed in 2021 (payouts were paused during the pandemic). Including those, the five-year total return rises to almost £34,000! Lovely. Solid operational results Santander's net interest income — the profit made from core lending and borrowing activities — has been supercharged by higher interest rates in the UK, US, Europe, and parts of Latin America. In 2024, the bank posted a net profit of €12.57bn, up 14% year on year. The momentum continued in Q1 2025, with profit up 19% to €3.4bn (or 10%, excluding a one-off gain). Strong net interest income in Spain and Mexico offset weaker margins in Brazil and the UK. Return on tangible equity — a key profitability metric — rose to a healthy 15.8%, while capital buffers remained strong with a CET1 ratio of 12.9%. The bank also continued share buybacks, and it remains on track to buy back at least €10bn worth of its own shares in 2025 and 2026. Finally, the company added 9m new customers in the quarter, bringing the total worldwide to a whopping 175m. UK expansion That number will likely increase further, because in July, Santander announced the £2.65bn acquisition of TSB from Sabadell. Once completed, the two banks will serve nearly 28m retail and business customers nationwide. Earnings per share are projected to increase immediately, before adding around 4% by 2028. And the lender expects to generate at least £400m in annual pre-tax cost synergies. The acquisition further strengthens Santander's position in one of its core markets, expanding its customer base and lending capacity across the UK. This acquisition will see Santander become the third-largest bank in the UK by personal current account balances, and number four in the mortgage market. Latin America opportunity One thing I like is Santander's positioning in Latin America, where millions of previously unbanked people are joining the financial system through digital accounts. Yet while demand for credit cards, personal loans, and small business financing has exploded, credit penetration is still relatively low versus developed markets. So there's a long runway for growth ahead, which Santander is well-placed to benefit from. Nevertheless, it's still the case that Latin America remains a volatile region. Currency swings, economic instability, and high inflation can weigh on reported earnings. There's also mounting competition from nimble digital banks like Nubank (Nu Holdings), Mercado Pago (MercadoLibre), and Revolut. So Santander will have to work hard to stay competitive. Should I buy Santander stock? Despite its strong share price run, Santander looks reasonably valued to me. The stock trades at just 8.2 times forward earnings. That said, the dividend yield sits around 3.4%, which is lower than FTSE 100 banks like Lloyds (4.9%) and HSBC (5.5%). I already have HSBC shares in my portfolio for income, as well as fintechs Nu and MercadoLibre for growth in Latin America. I'm not going to add Santander to the mix too. However, the stock is reasonably priced, so investors might want to consider Santander for their own portfolios. The post £10,000 invested in Santander shares 5 years ago is now worth… appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool HSBC Holdings is an advertising partner of Motley Fool Money. Ben McPoland has positions in HSBC Holdings, MercadoLibre, and Nu Holdings. The Motley Fool UK has recommended HSBC Holdings, Lloyds Banking Group Plc, MercadoLibre, and Nu Holdings. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Yahoo
17-07-2025
- Business
- Yahoo
Banco Santander, S.A. (SAN) Boosts UK Presence With TSB Bank Acquisition
Banco Santander, S.A. (NYSE:SAN) is among the 13 Best Booming Stocks to Buy Now. On July 1, the company announced that it had reached an agreement to acquire a 100% stake in TSB Banking Group plc in an all-cash transaction for £2.65 billion, subject to approval from Sabadell's shareholders. A view of a large corporate office building, illuminated at night to show its power and reach. The acquisition will bolster the Spanish lender's presence in the UK, with an inflow of approximately 5 million TSB customers, who keep around £35 billion in deposits. The combined entity will enable Banco Santander, S.A. (NYSE:SAN) to become the third-largest bank in the country by personal current account balances. The takeover comes at a time when Banco Santander, S.A. (NYSE:SAN)'s UK business is booking subpar profits compared to its overall returns. Earlier this year, Reuters reported that the bank was reviewing its presence in the country, with a pullback being among the options. Ana Botín, Banco Santander, S.A. (NYSE:SAN)'s executive chair, stated the following on the acquisition: 'The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander's long-term objectives. It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.' Banco Santander, S.A. (NYSE:SAN) is a Spanish multinational financial services company, offering services such as deposits, mutual funds, current and savings accounts, loans, and various other financing solutions. The stock has returned 99% so far in 2025. While we acknowledge the potential of SAN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Best German Stocks to Invest in Now and Goldman Sachs Stock Portfolio: 10 Large-Cap Stocks To Buy. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
