Overview
- Santander disclosed on Wednesday that it will not close any additional Santander or TSB branches until at least 2028 and will keep 305 Santander and 175 TSB branches open.
- The commitment follows an earlier plan this year to close 44 Santander branches, a round of cuts that put 291 jobs at risk and will be carried out despite the moratorium.
- Half‑year results showed pre‑tax profits fell 31% to £528m for the six months to June 30, driven by a £179m motor‑finance mis‑selling provision, £173m higher bad‑debt charges, and about £62m of TSB‑related credit impairment.
- Santander said it will pursue at least £400m of savings by the end of 2028 through greater use of artificial intelligence, automation and business integration and warned of further restructuring this year.
- The pledge mirrors similar short‑term moratoria from other UK banks and offers relief for customers who rely on face‑to‑face service while consumer groups note most branch losses occurred in earlier years.