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Unions open talks on redundancy criteria at Santander and TSB
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Business Matters
Unions at Santander and TSB have opened negotiations over how staff in duplicate roles will be assessed for redundancy, following the completion of Santander’s acquisition of TSB from Spanish owner Sabadell.
The deal, agreed at £2.65 billion, completed on 30 April, according to Santander UK’s announcement of the completed cash acquisition.
It is understood that unions at both are in talks about how to create a single system for evaluating individuals in the redundancy process.
It is understood some TSB staff have started looking for new jobs in anticipation of cuts.
Mahesh Aditya, chief risk officer of Banco Santander, took charge of Santander UK at the beginning of March to lead the integration.