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Santander is to axe advisor roles
About 30 jobs in Bradford and West Yorkshire are under threat as banking giant Santander plans to slash its UK financial advisor workforce as it focuses on existing customers only.
The Spanish-owned bank, which includes the former savings and branches business of Bradford & Bingley – once the nation’s largest high street independent financial adviser – has put 874 staff at risk of redundancy and started a three-month consultation with unions.
Those whose jobs are axed will receive redundancy notices on May 7.
Santander plans to reduce its financial advice arm to 150 people as part of a review of its bancassurance division which is to be restructured.
The bank will not be offering face-to-face advice for new customers. Those whose jobs are at risk will be able to apply for roles in the new team, while others may be redeployed.
The move comes as Santander paid 19 staff more than £1 million last year and increased its bonus pool by 14 per cent to £150 million despite another year of hefty provisions for mis-selling scandals.
The group said UK boss Ana Botin was the highest-paid executive, receiving £4 million in salary and bonuses, including a 24 per cent rise in salary to £2.1 million last year and a £1.8 million cash-and-shares bonus.
Santander put by another £232 million last year to cover costs such as compensation for mis-selling of interest rate swaps to small businesses, on top of £751 million set aside in 2011 for payment protection insurance claims.
Santander said while Miss Botin's salary was increased last year, her bonus was reduced by 27 per cent.