Cost and Procurement Manager – Santander UK
Santander UK is undergoing a multi‑year transformation to create a platform that maximises value from its supplier ecosystem, delivering best value whilst complying with regulation and risk appetite. In this role you will lead complex sourcing and cost management initiatives that help the bank achieve its cost‑to‑income targets, unlock value from third‑party ecosystems and support key strategic programmes, including merger and acquisition activity.
Key Responsibilities
* Lead end‑to‑end strategic procurement and sourcing activity across key categories, from demand shaping and market engagement through to contract execution and close, ensuring that total cost of ownership and value‑for‑money are optimised.
* Support transformation plans and key business activity such as mergers, acquisitions and other strategic transactions, including cost due diligence, analysis of standalone and combined cost bases, synergy identification, and the design of supplier and contract integration or separation plans.
* Drive cost transformation activity by designing, improving and embedding cost reporting and management information such as dashboards that give senior leaders clear insight into cost performance, cost drivers and levers to improve the cost‑to‑income ratio.
* Analyse complex spend and cost data across suppliers, contracts, categories and business areas to perform cost driver analysis, benchmark external markets and develop robust business cases and options for executive decision‑making.
* Partner with senior business stakeholders and strategic suppliers to develop sourcing and commercial strategies that unlock cost efficiencies, innovation and risk reduction, including value‑sharing and performance‑based commercial models.
* Ensure that all procurement and M&A‑related supplier decisions comply with third‑party risk, legal, regulatory and policy requirements, including robust due diligence, onboarding, ongoing monitoring and exit planning.
* Coach and constructively challenge stakeholders through the sourcing and transaction lifecycle so that specifications, commercial structures and business cases reflect realistic cost assumptions, risks and benefits.
* Contribute to financial planning and forecasting by tracking budgets, challenges, risks, opportunities and benefits across the portfolio, and clearly articulating the cost impact of sourcing decisions and M&A activity.
Qualifications & Experience
* Significant experience leading high‑value, high‑risk strategic sourcing and cost optimisation initiatives in a regulated financial services environment, with a strong understanding of how cost drivers impact the cost‑to‑income ratio. (Required)
* Demonstrable experience managing complex cost bases in a large financial services organisation, including deep understanding of key cost drivers such as third‑party spend, technology, change, property and headcount, and how these translate into budgets and financial performance. (Required)
* Hands‑on experience leading or supporting procurement and cost workstreams on mergers, acquisitions and/or large strategic transactions, including cost due diligence, synergy sizing, one‑off cost assessment and post‑deal integration or separation of suppliers and contracts. (Preferred)
* Proven track record of using data and financial MI to perform detailed cost driver analysis, scenario modelling and total cost of ownership assessment, turning insights into clear recommendations and business cases for senior and executive stakeholders. (Required)
* Experience of supplier relationship management and performance management for strategic suppliers, focusing on driving cost, service and innovation benefits across the contract lifecycle. (Required)
* Experience operating in an agile, fast‑paced change environment and influencing across multiple business areas, functions or entities (including Group/Global). (Preferred)
Hard Skills
* Strong understanding of strategic sourcing, category management and supplier relationship management, linking sourcing strategies directly to cost outcomes and business strategy. (Required)
* Advanced cost analysis and financial modelling skills, including cost driver analysis from source‑to‑pay, total cost of ownership, scenario and sensitivity modelling, and linking operational drivers to P&L and cost‑to‑income performance. (Required)
* Knowledge of UK contract law and extensive experience negotiating complex commercial contracts (including IT and services), optimising cost, managing risk and creating flexible structures that support M&A, integration and separation activity. (Required)
* Strong understanding of third‑party risk management and UK financial services regulation as it relates to outsourcing and suppliers, and how this interacts with cost, value and speed of delivery. (Required)
* Proficient in using procurement, cost management and portfolio tools (e.g. Ariba, Cost Plan, Planview or similar) to track spend, cost initiatives, benefits and compliance. (Preferred)
* Experience designing, tracking and reporting M&A cost synergies, dis‑synergies and integration/separation costs, building clear, auditable management information for approvals and post‑deal reviews. (Preferred)
Soft Skills
Commercially astute and highly cost‑focused, able to balance cost, risk and value in complex sourcing, budgeting and decisions, and to challenge constructively where proposals do not optimise the bank’s cost base.
Benefits
* Salary range: £53,500.00 – £70,000.00 per annum (dependent on experience), based on a standard 35‑hour working week.
* 30 days’ holiday plus bank holidays (increases to 31 days after 5 years of service), with the option to purchase up to 5 contractual days per year.
* £6,000 car allowance per year.
* Company‑funded individual private medical insurance.
* Protection for you and your family, including company‑funded death‑in‑service benefit and income protection insurance, with the option to take advantage of discounted rates for additional life assurance and critical illness cover.
* Share in Santander’s success by saving or investing in our share plans.
* Access to staff versions of Santander products (e.g. Edge Current Accounts and Credit Cards) with no fees, plus other discounts.
* Competitive rewards that reflect the impact you make and the value you bring.
* Wellbeing support across physical, mental, social and financial pillars, including access to apps, discounted gym and fitness access, weekly online classes, flexible healthcare and mental health support.
* Enhanced family leave, childcare options and tailored wellbeing support for various life stages.
* Volunteering opportunities to give back to communities.
* Global growth opportunities across Santander’s international network.
Compliance & Work Arrangements
Santander commits to providing equal opportunities for everyone, regardless of age, gender, disability, civil status, race, religion or sexual orientation.
Roles are site‑based with a hybrid working pattern; colleagues are expected to attend the office at least 12 days per month (pro‑rata for part‑time roles).
All candidates must have the right to work in the UK to commence employment.
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