Santander UK Strikes Union Deal to Close Four Major Offices, Shift to Flexible Work
March 25 2021 - 6:46AM
Dow Jones News
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 pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
March 25, 2021 06:31 ET (10:31 GMT)
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