02:31 PM EDT, 10/25/2024 (MT Newswires) -- Banco Santander (SAN) has initiated a fresh wave of layoffs at its UK unit to reduce costs, Bloomberg reported Friday, citing people familiar with the matter.

The latest job cuts, which began last week, are focused on the bank's UK headquarters, but no numbers were provided, according to the report.

"We continuously look at our operating model to ensure our teams are organized in the best way to support our customers effectively and efficiently," a Santander UK ( STNDF ) spokesperson said in a statement to MT Newswires, without confirming the new round of layoffs.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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