Santander UK Strikes Union Deal to Close Four Major Offices, Shift to Flexible Work

By Pietro Lombardi

Banco Santander SA's U.K. unit has reached an agreement with a union to reorganize its property estate and close some major offices, the latest move by a company to adapt to changes caused by the coronavirus pandemic and move toward more working from home.

The bank will introduce 'dual location' contracts, allowing most of the employees affected by the reorganization to work mainly from home, while regularly meeting colleagues at nearby collaboration hubs, the CWU union said Thursday.

The agreement avoid compulsory redundancies and preserve jobs, while offering redundancy option to staff unable to move to the new contract, the union said.

Under the bank's plan to reorganize property estate, "no fewer than four of the bank's major head office buildings will be closing in their entirety," the union said.

The bank also plans to close 111 of its 563 branches, the union said in a separate statement. This would take the number of branches to 452.

Write to Pietro Lombardi at [e-mail]; @pietrolombard10

(END) Dow Jones Newswires

March 25, 2021 06:31 ET (10:31 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.