TSB is a sign of the times as consolidation race gains pace
Sabadell is embroiled in its own efforts to fend off a takeover bid by domestic rival BBVA which binds its directors to a "duty of passivity", meaning that the sale of TSB must receive approval from Sabadell shareholders. There is no reason to believe this won't be forthcoming, meaning the deal would go ahead in the first half of next year.
Santander already has about 350 branches and 18,000 staff across the UK, and has already said that it will be seeking to "integrate" TSB's 175 branches and 5,000 employees into its existing UK network. It remains unclear whether Santander will scrap the brand.
The bigger questions for employees of both groups with is how much further job cuts and branch closures might go beyond those already planned by each group.
TSB closed a dozen of its branches in the first half of this year with about 250 jobs shed as a result. This was on top of 300 job cuts announced in February of last year, while an unspecified number of further branch closures are though to be on the cards in 2026.
It was reported in April of this year that Santander was planning to outsource more than 200 roles from its fraud operations amid a wider cost-cutting push that included salary freezes and bonus reductions. This followed a round of 2,000 job cuts that kicked off in 2024.
Like its peers, Santander is facing rising costs from regulatory compliance. Acquiring TSB could help it consolidate operations, but only if synergies materialize.
The deal is a sign of the times, with UK banks consolidating to survive. Nationwide's acquisition of Virgin Money for £2.9bn set a precedent, and the sale of TSB could well accelerate further deals.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
4 hours ago
- The Independent
Self-made people ‘holding estimated £40.7bn in under-utilised cash savings'
An estimated £40.7 billion in savings collectively held by 'self-made' people who have risen up the income rankings could be unlocked and invested towards fuelling UK economic growth, according to research. The research, released by Santander UK in partnership with the Centre for Economics and Business Research (Cebr), described people in the self made bracket as those who had a modest start in life but now sit in the UK's top fifth of earners. The report was based on a survey carried out by Opinium in March and April among 2,000 people across the the UK who sit within the top 20% of earnings. An annual income of £52,000 was estimated to place people within approximately the top fifth of earners in the UK. Santander said people in the self made cohort have nearly £40,000 in cash reserves on average, but many are not exploring their options around how to manage their money. Many headed straight into work or an apprenticeship after school, and a significant proportion work in construction and skilled trades, the bank said. More than a third (35%) of self made people surveyed who are working in 'white collar' jobs said they are the first person in their family to work in such a profession. More than one in four (28%) people in the self made cohort do not invest any of their monthly earnings and those who do invest typically put away 11% of their income. While nearly half (47%) said they know investing is important, 22% said they did not know where to start. Nearly one in 10 (8%) of this cohort agreed with the statement: ' Investing is not for people like me'. Just over half (52%) of self-mades grew up talking about money at home, compared with 74% of high earners in general. Less than half (45%) consider themselves financially savvy or financially literate, despite one in eight (13%) owning their own business. Santander suggested that financial education should be embedded into apprenticeship schemes. Kitty McCormick, head of wealth at Santander UK, said: 'This is a story of unlocking potential. It's more than just a missed opportunity for individual growth; bridging the investment gap among the self-mades through targeted financial education could inject billions into the UK economy, with benefits for communities and the wider economy. 'The self-mades have proved their earning potential. Now it's time to back them with the tools, knowledge and confidence to make their income work harder for them.'
The Courier
11 hours ago
- The Courier
New Broughty Ferry showroom has £3,000 toilet and £7,500 bath
A new Broughty Ferry bathroom and kitchen showroom is selling a £3,000 toilet and £7,500 bath. Despite the eye-watering price points of some items, Home Improvement Centre owner Maria Inglis says her focus is on 'affordable luxury'. The new business is located on Gray Street, in the former Millars clothing store unit, which shut last year after more than a century of trading. The shop boasts three kitchen displays and eight bathroom bays and offers a full design to installation service. Maria said: 'We have a variety of price points – it's not all top end. We want to be attainable. 'Affordable luxury is what we're going for – everyone should have a nice space to live in.' The heated Japanese toilet on display has the ability to wash and dry. The £7,500 black stone bath in the window has been imported from Italy. It required six people to lift the 220kg bath into the shop. 'The Japanese-style toilets are becoming more popular,' said Maria. 'It is an expensive item – not everyone will put this in their bathroom – but there are people who will go for this. 'It has ambient lighting on the toilet so you don't need to put the bathroom lights on in the middle of the night. 'The bath comes from Aquabella, a Spanish company. They are quite exclusive and expensive, for people who want to have something extra special. 'We've put it in the window to show we're different and not run-of-the-mill. We hope having something spectacular in the window will draw people in to have a look.' Maria, who is married to Ian, said she has a passion for bathrooms and kitchens. She said the kitchens in the business are British-made with an emphasis on innovative storage solutions. She adds: 'I find kitchens exciting. As a mother of three, I feel like I spend my life in the kitchen. 'It's such a valuable space in the home. It needs to look good, but it needs to work for you as a family. It's the heart of the home. 'The Scandi-look is on trend at the moment, with a lot of natural textures and quite clean and minimalist. 'Open shelving is very popular, particularly in smaller spaces as it gives the feeling of more space. 'People are wanting to see a bit of texture in their bathrooms.' Maria said there had been a lot of interest from passing customers as the shop underwent a three-month refurbishment. The couple, who live in Monifieth, have spent more than £160,000 on the refurbishment and stock. Maria, who overcame throat cancer five years ago, said: 'When the premises popped up on Gray Street it was an opportunity not to be missed. 'We have had so many people asking about the shop as the work's been going on. 'We're really excited to open our doors on Saturday.'
Scottish Sun
12 hours ago
- Scottish Sun
Lidl shoppers are going mad for nostalgic ice cream treat that reminds them of Spanish holidays
The ice creams are part of a range of 77 Spanish-themed products on sale at the retailer N-ICE ONE Lidl shoppers are going mad for nostalgic ice cream treat that reminds them of Spanish holidays Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) LIDL shoppers are going wild for a nostalgic ice cream treat reminding them of Spanish holidays. The retailer has launched a range of Mediterranean-themed sweet and savoury bites in store with prices starting from 49p. Sign up for Scottish Sun newsletter Sign up 2 Lidl shoppers are going wild for orange sorbets selling for £3.99 Credit: LIDL 2 Eaters are saying the puddings remind them of being on holiday in Spain Credit: LIDL But it's one product out that's really got shoppers talking - Sol and Mar orange and lemon sorbets. One Lidl shopper who bought the orange sorbet in their local branch posted a photo on the Food Finds UK Facebook page, adding: "For all the orange lovers. "This is the Orange Sorbet from the Lidl Spanish range. It's perfect for the weather we're in atm." The post has caught the attention of hundreds of fellow shoppers who have been quick to like and comment. One said: "I used to love these desserts in Spain." Another, tagging a family member, added: "Omg these are like what dad used to buy! Need to get some for nostalgic purposes." Meanwhile, a third said: "These are amazing." Shoppers can buy both the orange and lemon flavour sorbets for £3.99 in their local store. You can find your nearest store via We have asked Lidl for the calorie information for the desserts and will update this story when we have heard back. Five simple ways to save cash at Lidl Bear in mind, you might not be able to get them in all Lidl branches though. Of course, with anything like this, always remember to shop around to ensure you're getting the best price. Use price comparison websites like Trolley, Price Spy and Price Runner to scour retailer's online prices. However, in this instance, we couldn't find any other chains selling lemon or orange sorbets like this. You can buy tubs of sorbet, without the fruit peel, from retailers including Sainsbury's, M&S and Tesco though. Tesco is selling a 500ml tub of lemon sorbet for £2.75, while Sainsbury's has a 500ml tub for the same price and M&S a 500ml tub for £3. If the sorbets aren't for you, Lidl's Spanish range features 76 other products including classic Spanish crisps for £1.49 and tubs of chorizo slices for £1.99. Shoppers can also buy Piri Piri Aioli for 99p and even Gazpacho-flavoured crisps for £1.25. In other Lidl news, the retailer was the second cheapest supermarket for a basket of 79 items in June, according to Which?. Plus, shoppers are going wild for a £30 dupe of a £400 jacket worn by Oasis lead singer Liam Gallagher. How to save money on your food shop Consumer reporter Sam Walker reveals how you can save hundreds of pounds a year: Odd boxes - plenty of retailers offer slightly misshapen fruit and veg or surplus food at a discounted price. Lidl sells five kilos of fruit and veg for just £1.50 through its Waste Not scheme while Aldi shoppers can get Too Good to Go bags which contain £10 worth of all kinds of products for £3.30. Sainsbury's also sells £2 "Taste Me, Don't Waste Me" fruit and veg boxes to help shoppers reduced food waste and save cash. Food waste apps - food waste apps work by helping shops, cafes, restaurants and other businesses shift stock that is due to go out of date and passing it on to members of the public. Some of the most notable ones include Too Good to Go and Olio. Too Good to Go's app is free to sign up to and is used by millions of people across the UK, letting users buy food at a discount. Olio works similarly, except users can collect both food and other household items for free from neighbours and businesses. Yellow sticker bargains - yellow sticker bargains, sometimes orange and red in certain supermarkets, are a great way of getting food on the cheap. But what time to head out to get the best deals varies depending on the retailer. You can see the best times for each supermarket here. Super cheap bargains - sign up to bargain hunter Facebook groups like Extreme Couponing and Bargains UK where shoppers regularly post hauls they've found on the cheap, including food finds. "Downshift" - you will almost always save money going for a supermarket's own-brand economy lines rather than premium brands. The move to lower-tier ranges, also known as "downshifting" and hailed by consumer expert Martin Lewis, could save you hundreds of pounds a year on your food shop. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
