Santander UK's Q3 profits dropped 75% amid a court ruling on car finance commissions and planned job cuts.

Santander UK's Q3 profits fell by 75% to £143 million due to a £295 million hit from a court ruling on car finance commissions. The ruling requires dealers to fully inform customers about commissions, setting a precedent for the motor finance industry. Santander disagrees with the ruling and plans to appeal. The bank also announced over 1,400 job cuts in the UK. Moody's estimated lenders could face up to £30 billion in compensation costs related to the scandal.

November 19, 2024
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