June 4, 2019 / 4:20 PM / 3 months ago

UPDATE 1-Spain's Banco Santander to cut about 200 jobs in UK business

* Spanish bank to cut 200 jobs in Britain

* Move follows job cuts, branch closures in Spain

* Lender axing 20 pct of UK branches (Adds details, union comment)

By Iain Withers

LONDON, June 4 (Reuters) - Spain’s Banco Santander is to cut about 200 jobs in its British subsidiary as part of a reorganisation, it said on Tuesday, adding the changes would affect the corporate and commercial banking division.

Tim Hinton, head of corporate and commercial banking at Santander UK, said the bank was announcing the changes after consultations with trade unions.

The bank is consulting with 330 staff about redundancy and 130 new roles will be created, said Linda Rolph of the bank’s employee union Advance, which is in talks with Santander about the cuts.

The changes follow wider moves announced in May by the euro zone’s biggest lender by market value to focus on cost savings in Europe while pursuing higher profitability in Latin America.

Santander is aiming to close around 1,150 branches in its home market and cut over 3,700 jobs as it, along with others, grapples with a tough business environment for European lenders.

In Britain, where Santander employs around 24,000 staff, the lender earlier this year signalled a possible retreat in corporate banking when it pulled out of bidding for a cash fund meant to incentivise competition.

The bank also said in January it planned to shut a fifth of its branches in Britain and cut around 840 jobs.

Reporting By Iain Withers, writing by Lawrence White; editing by David Evans

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