Santander axes advice arm and 724 staff

Santander has confirmed it has pulled out of the investment advice market resulting in the loss of 724 jobs.

It informed staff of the decision on March 11. The bank said it will also launch a new Financial Planning Team comprising 150 staff for existing investment customers. An individual consultation period has started that will run up until 6 May. A Santander UK spokesperson said: "There is never a good time to announce changes such as this and we are acutely aware of the uncertainty staff are facing. "We are working closely with other business areas to ensure that many of those who may be impacted are able to secure roles in a growing Santander Group and we are committed to redeployi...