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Santander to review its UK advisory unit

Up to 800 jobs may at risk pending a strategic review

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Banco Santander's UK unit has announced a strategic review of the future of its bancassurance division, according to a statement issued on Wednesday.

The move puts up to 800 jobs at risk. In December, Santander suspended its investment advice service and recalled its advisers "off the road" for more training following the introduction of rules aimed at making financial advice more transparent for customers.

Separately, the FSA announced on Wednesday that it was investigating a "major UK lender" for alleged breaches in the quality of the investment advice it offered.

On Tuesday, Barclays announced 3,700 job cuts following a strategic review but added that "very few" of the job cuts would be in the UK.

It said almost half of the job cuts will take place at its investment banking division in a move aimed at reducing costs by £1.7 billion. Barclays also confirmed that it was closing its Structured Capital Markets (SCM) business, which helped clients with tax avoidance measures.


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