Unions at Santander and TSB have opened negotiations over how staff in duplicate roles will be assessed for redundancy, following the completion of Santander’s acquisition of TSB from Spanish owner Sabadell.
The deal, agreed at £2.65 billion, completed on 30 April, according to Santander UK’s announcement of the completed cash acquisition. The combined group employs about 23,000 people and is targeting £400 million in cost savings.
Santander has not confirmed how many jobs will go across the enlarged business. TSB has already announced 130 redundancies ahead of the formal transfer of staff under the Transfer of Undertakings (Protection of Employment) regulations, and further cuts are expected as the group pursues its savings target.
The two banks use different metrics for assessing staff performance. It is understood that unions at both are in talks about how to create a single system for evaluating individuals in the redundancy process.
One source said: “It goes without saying that in any merger there are going to be synergies that the banks will realise. And there is going to be an impact on jobs.
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