Santander UK reportedly freezing salaries in commercial banking arm

According to reports in The Guardian, the bank has – among other measures – unexpectedly changed bankers’ job titles and begun shuffling staff into new teams earlier this month. These developments come amid a broader review of the Spanish lender’s UK business.

While the bank is not permitted to cut salaries outright, it has reportedly frozen pay for staff who now fall into lower pay brackets than previously. Email correspondence also shows that employees have been warned about changes to their bonus schemes.

It is understood that these cuts have extended beyond core operations, with the corporate and commercial bank’s annual charity cricket match – typically held in June – being cancelled.

Speaking to The Guardian, a spokesperson for Santander said: “We are moving to a fairer, more transparent bonus structure across Santander UK, which will promote high performance at every level of the bank. We regularly review job data across the bank, and we annually agree salary increases with our recognised trade unions.”

The spokesperson added that the bank was responding to an evolving banking environment “driven by changing customer expectations”, adding:
“We must have a dynamic approach to our operating model that ensures our teams are organised effectively to keep the customer at the heart of our business.”