Santander UK freezes salaries and cuts jobs in commercial banking arm

Exclusive: Bank also set to slash bonuses in wider shake-up that could help make it more attractive to potential buyers

Santander UK is freezing salaries, slashing bonuses and cutting jobs across its commercial banking arm as part of a wider shake-up that could help make the bank more attractive to potential buyers.

The bank began unexpectedly changing bankers' job titles and shuffling staff into new teams earlier this month amid a larger review of the Spanish lender's UK business, where there is mounting frustration over regulations and costs.