12:18 PM EDT, 10/29/2024 (MT Newswires) -- Banco Santander (SAN) plans to eliminate 1,425 jobs in the UK this year as part of a strategy to simplify and automate operations, multiple media outlets reported Tuesday, citing Chief Executive Officer Hector Grisi.

Grisi did not specify a timeline for the layoffs, but hinted at the potential for additional job reductions, Reuters reported.

"It will depend how many people we need for customer relations et cetera," Bloomberg reported Grisi as saying about the additional job cuts.

The bank did not immediately respond to MT Newswires' request for comment.

Banco Santander shares were down 2.7% in recent trading.

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