Spain's Santander plans to cut more jobs at UK mortgage bank Abbey next year to add to the 4,000 redundancies made since last year's £8 billion takeover, Abbey's workers' union claimed yesterday.
Linda Rolph, general secretary of Abbey National Group Union, said she had been told Santander would seek more cost savings, but she did not know the scale of job cuts or savings.
"Management have said the cost-cutting exercise will continue throughout 2006, which will mean more job losses," she added..
Rolph, whose union represents about 10,000 workers, said she would discuss the plans with management next week.
Santander is due to unveil a strategic review of Abbey alongside its results today when analysts expect it to raise its cost savings goal from the deal to at least £400 million by the end of 2007, from £300 million.
Analysts estimate another 2,500 Abbey jobs could go in the next two years, to take the total since its takeover to 6,500, which would represent about a quarter of the workforce at the time of last November's deal.
Abbey was not immediately available to comment.