Savings are expected from automation, productivity gains and process simplification #
Santander UK has announced plans to cut its costs by £433 million as it aims to ramp up its use of Artificial Intelligence (AI).
Between 2026 and 2028, Banco Santander said it aims to achieve more than £860 billion in extra revenues and cost savings from AI.
Half of this figure is expected to come from cost cutting measures.
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Ricardo Martin Manjon, Banco Santander’s chief data and AI officer, said: “Santander is moving from AI ambition to execution.
“One year after setting out our ambition to become a data and AI-first bank, artificial intelligence is already helping us improve how we work, serve customers, manage risk and run the bank.
“Santander already has a clear AI strategy, measurable impact and the scale to turn selected capabilities into group-wide value.
“We are not starting from theory: AI is already improving processes, supporting our teams and opening new opportunities across the bank.
“Now the opportunity is to move forward with focus, discipline and ambition.”
Potential job cuts have not been confirmed as part of its cost cutting plans.
AI access is being rolled out to all of its 185,000 staff worldwide - including 15,000 staff in the UK.
Currently, 40,000 members of staff are using AI.
Santander, which has Birmingham, branches, has already closed the 40 branches scheduled to go in 2026, it has four more planned closures.
These closure dates have yet to be given a firm date but all will be before February 1, 2027.
Upcoming closures:
- Leighton Buzzard*: By end of January 2027
- Ormskirk*: By end of January 2027
- Whitehaven*: By end of January 2027
- Wilmslow*: By end of January 2027