Santander To Cut 3,000 Jobs at Abbey
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Spanish Bank Santander Central Hispano intends to cut about 3,000 jobs at Britain&#39;s Abbey National if its proposed acquisition of the British bank is completed.
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Luqman Arnold, chief executive of Abbey National, is likely to walk away with Â£5.2m if the bank is sold to Banco Santander Central Hispano.
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Santander, Spain - Shareholders of Spain&#39;s largest bank, Banco Santander Central, on Thursday approved the Â£8,5-billion takeover of British mortgage bank Abbey National.
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SPANISH bank Santander has offered to cut back its ties with Royal Bank of Scotland in an attempt to avoid a competition inquiry into its bid for Abbey.
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Santander Central Hispano&#39;s Â£8.6bn ($15.3bn) bid for UK lender Abbey will help create a single regional financial market, the European Union (EU) said.
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ABN Amro Holding NV, the largest Dutch bank, plans to cut 2,850 jobs, or about 3 percent of its workforce, to stem a decline in operating profit as revenue growth stalls.
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Spanish bank Santander Central Hispano says the referral of any competing offer for Abbey National to regulators need not mean Santander would pull out of the fray.
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Leading Spanish bank Santander Central Hispano said that its hoped-for acquisition of British home-loan specialist Abbey National would not require asset sales, adding there was as yet no counter-offer.
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Santander Central Hispano SA, the biggest bank in Spain and Latin America, may drop its 8.2 billion ($14.9 billion) offer to buy Abbey National Plc if rival bids lead to a long competition
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The Spanish bank which is buying Abbey made a Â£2.2bn profit (3.1bn euros)in the first nine months of 2004. Banco Santander Central Hispano, which is acquiring the UK lender in a Â£8.
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The company said it would cut 3,000 jobs, or 4.6 percent of its global work force, to ensure future profit growth as generic competition hurts sales.
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Santander Central Hispano SA said Wednesday that net profit for the third quarter nearly doubled to 1.17 billion euros (&#36;1.49 billion), with much of the gain coming from the sale of its stake in the Royal Bank of Scotland.
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Santander Central Hispano SAN.MC is expected to announce that headcount at Abbey National ANL.L will drop by no more than 4,500 if it succeeds with its takeover, a source familiar with the situation says.
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Bank of America Corp  on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.
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The Spanish bank poised to take over Abbey National will walk away if the Â£8.2 billion deal is stalled by competition concerns, it was reported today.
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TUI, Europe's leading travel and tourism group, has said that it plans to cut 3,600 jobs, most of them in Britain.
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Spain's largest bank, Santander Central Hispano, yesterday removed a major hurdle for Abbey National shareholders ahead of Thursday's shareholder vote on its proposed 8.9billion recommended takeover.