Finance

Santander says 750 jobs at risk as it pursues UK branch closures

Published

2 days ago

March 19, 2025

Jonathan Nicholson | NurPhoto | Getty Images

The British unit of Spanish lender Santander on Wednesday said 750 of its staff were at risk of redundancy as it targets 95 branch closures in the U.K.

The decision is part of the bank’s broader plans to update its presence from June 2025 and will bring Santander UK’s network to 349 branches, including 290 that are full-service, 36 operating with reduced hours and 18 that are counter-free and five Work Cafes.

“Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers,” a Santander UK spokesperson said.

This breaking news story is being updated.

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1 hour ago

March 20, 2025

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Finance

DoubleLine’s Gundlach sees more risk coming, and greater chance of recession

Published

2 hours ago

March 20, 2025

Business Finance News

Jeffrey Gundlach speaking at the 2019 SOHN Conference in New York on May 5, 2019.

Adam Jeffery | CNBC

DoubleLine Capital CEO Jeffrey Gundlach said Thursday there could be another painful period of volatility on the horizon as the fixed income guru sees heighted risk of a recession.

“I believe that investors should have already upgraded their portfolios … I think that we’re going to have another bout of risk,” Gundlach said on CNBC’s “Closing Bell.”

Gundlach, whose firm managed about $95 billion at the end of 2024, said DoubleLine has lowered the amount of borrowed funds to amplify positions in its leveraged funds to the lowest point in the company’s 16-year history.

Volatility recently spiked after President Donald Trump‘s aggressive tariffs on leading trading partners triggered fears of an economic slowdown, spuring a month-long pullback in the S&P 500 that tipped the benchmark into a 10% correction last week. The index is now about 8% below its all-time high reached in February.

The widely-followed investor now sees a 50% to 60% chance of a recession in coming quarters.

“I do think the chance of recession is higher than most people believe. I actually think it’s higher than 50% coming in the next few quarters,” Gundlach said.

His comments came after the Federal Reserve downgraded its outlook for economic growth and hiked its inflation outlook Wednesday, raising fears of stagflation. The Fed still expects to make two rate cuts for the remainder of 2025, even though it said the inflation outlook has worsened.

Gundlach is recommending U.S. investors move away from American securities and find opportunities in Europe and emerging markets.

“It’s probably time to pull the trigger for real on dollar-based investors diversifying away from simply United States investing. And I think that’s going to be a long term trend,” he said.