Santander to close 140 branches and risk 1,200 layoffs

(Sharecast News) - Spanish bank Santander said it was cutting around 140 branches which would put 1,270 jobs at risk.The bank said the closures were due because of "changes in how customers are choosing to carry out their banking". The bank said that branch transactions had fallen by 23% in the last three years and digital transactions are up 99%."We have had to take some very difficult decisions over our less visited branches," said Susan Allen, head of retail and business banking in the UK.The bank will maintain 614 branches that will be larger and will offer improved community facilities as part of wider plans to spend £55m refurbishing 100 branches over the next two years."We continue to believe that branches have a vital role to play," said Allen. "We are confident that following these changes we will have the right branch network to serve our customers' changing needs, and we expect the size of our network to remain stable for the foreseeable future."Santander said it was in talks with trade unions to find alternative roles for the 1,270 workers that will be affected.