Santander UK owner in £430 million AI cuts plan

The Spanish owner of Santander UK has revealed plans to make £433 million cuts by accelerating artificial intelligence use.

Banco Santander is targeting £860 billion in extra revenues and cost savings by the end of 2028.

The savings are set to come from automation, productivity gains and process simplification.

The lending giant hasn’t disclosed how many jobs could be impacted.

It is understood the group has not announced a programme to cut its workforce linked to the artificial intelligence rollout.

Banco Santander expects to deliver more than £173.4 million in “business value” – extra revenues and cost savings – from group-wide artificial intelligence, including British banking arm Santander UK, by the end of 2026 alone.

Ricardo Martin Manjon, Banco Santander chief data and artificial intelligence officer, said: “Santander is moving from ambition to execution.

“Artificial intelligence is helping us improve how we work, serve customers, manage risk and run the bank.

“We are not starting from theory: artificial intelligence is already improving processes, supporting our teams and opening new opportunities across the bank.

“Now the opportunity is to move forward with focus, discipline and ambition.”

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