Cost and Procurement Manager (Agile)| S3 | Business Area | Milton Keynes

-; Milton Keynes; Hybrid; GBP 70,000 - 90,000; Full time

Job summary

A leading financial institution in Milton Keynes is looking for an experienced Cost and Procurement Manager to lead strategic sourcing initiatives and manage procurement processes. The ideal candidate will possess significant experience in cost optimization, strategic sourcing in a regulated environment, and will work closely with senior stakeholders to achieve financial targets. This role offers a hybrid working arrangement and competitive benefits, including a car allowance and private medical insurance.

Benefits

Competitive salary

30 days’ holiday plus bank holidays

£6,000 car allowance

Company-funded private medical insurance

Death-in-service benefit

Share plans

Discounted staff products

Wellbeing benefits

Qualifications

• Significant experience leading strategic sourcing initiatives in financial services.
• Deep understanding of cost drivers affecting financial performance.
• Experience with mergers, acquisitions, and strategic transactions.

Responsibilities

• Lead procurement and sourcing activities ensuring value for money.
• Drive cost transformation across the organization.
• Analyze complex spend data for executive reporting.

Skills

Strategic sourcing

Cost optimization

Supplier relationship management

Cost driver analysis

Financial modeling

Education

Relevant degree in Business, Finance, or related field

Tools

Ariba

Planview

Job description

Cost and Procurement Manager (Agile) | S3 | CFO | Milton Keynes

Country: United Kingdom

IT STARTS HERE

Santander (www.santander.com) is evolving from a global, high-impact brand into a technology-driven organisation, and our people are at the heart of this journey. Together, we are driving a customer‑centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible.

This is more than a strategic shift. It’s a chance for driven professionals to grow, learn, and make a real difference.

Our mission is to help more people and businesses prosper. We embrace strong risk culture and expect all professionals, at all levels, to take a proactive and responsible approach toward risk management.

CFO (Cost & Procurement)

Santander UK is increasingly reliant on third‑party partners. The Cost & Procurement team is undertaking a multi‑year transformation focused on creating a platform to drive significant incremental value through an operating model that maximises the potential of the supplier ecosystem. The goal is to provide right external expertise to meet future demands, drive best value while complying with regulation and Santander’s risk appetite.

THE DIFFERENCE YOU MAKE

The Cost Management and Procurement team seeks a highly passionate, forward‑thinking Cost and Procurement Manager to manage Agile categories and workstreams based out of Milton Keynes.

As an expert role at the heart of Santander UK’s cost and procurement agenda, you will lead complex sourcing and cost‑management initiatives that help the bank achieve its cost‑to‑income targets, unlock value from its third‑party ecosystem, and support key strategic programmes, including merger and acquisition (M&A) activity. Working across the Cost and Procurement function, you will provide analytical, commercial and strategic leadership to senior stakeholders, ensuring we obtain the best value from suppliers while managing risk and regulatory obligations.

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 total cost of ownership and value‑for‑money are optimized.
• Support the organisation’s transformation plans, including key business activity such as mergers, acquisitions and other strategic transactions, providing cost due diligence, analysis of standalone and combined cost bases, synergy identification, and designing supplier and contract integration or separation plans.
• Drive cost transformation activity across Santander UK by designing, improving and embedding cost reporting, 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.
• Analyze 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 your portfolio, and clearly articulating the cost impact of sourcing decisions and M&A activity.

WHAT YOU’LL BRING

Our people are our greatest strength. Every individual contributes unique perspectives that make us stronger as a team and as an organisation. We are enabling teams to go beyond, valuing who they are and empowering what they bring.

Professional 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, and turning these insights into clear recommendations and business cases for senior and executive stakeholders. (Required)
• Experience of supplier relationship management and performance management for strategic suppliers, with a focus 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, including the ability to link 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 the ability to link 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), with a focus on optimizing 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, including building clear, auditable MI that can be used in 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.

WE VALUE YOUR IMPACT

At Santander, your contribution matters. We recognise the difference you make every day, and we make sure you feel valued, supported and rewarded in return. Here, recognition goes beyond pay – it’s about the pride you feel in your work, the impact you have on customers and communities, and the opportunities you have to grow and thrive – personally and professionally.

• Competitive salary
• 30 days’ holiday plus bank holidays, increasing 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, with company‑funded death‑in‑service benefit, income protection insurance, and 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 with no fees, plus various other deals and discounts

Competitive rewards that reflect the real impact you make and the value you bring.

Wellbeing that goes beyond work – we work with a range of wellbeing partners across our 4 pillars of wellbeing (physical, mental, social and financial) to give you access to a suite of apps, discounted gym and fitness access, weekly online classes, flexible healthcare and mental health support.

Support for every life stage – from menopause and pregnancy to parenthood and beyond, with enhanced family leave, childcare options and tailored wellbeing support.

Time to give back through volunteering opportunities that let you make a difference in the communities we serve.

Global growth opportunities to shape your career, learn new skills and explore what’s possible across our international network.

Ready to be recognised? It starts with you.

LOCAL COMPLIANCE

At Santander, we’re proud to be an inclusive organisation that provides equal opportunities for everyone – regardless of age, gender, disability, civil status, race, religion or sexual orientation.

We’re committed to creating a recruitment experience that’s accessible, fair and welcoming for all candidates. We want our people to thrive – at work and at home – while delivering the best outcomes for our customers and supporting each other to grow.

To make this possible, our roles are site‑based with a hybrid working pattern, where colleagues are expected to attend the office at least 12 days per month (pro‑rata for part‑time roles).

When applying, please consider the travel distance, time and cost to your chosen office location(s).

Right to work in the UK

• Every individual must have the right to work in the UK to commence employment with Santander either by way of nationality, visa or work permit. If you do require a working visa / permit this will not influence our decision on whether to progress your application. However, if you do not have a right to work, or an application for a working visa / permit is unsuccessful, Santander will not proceed with your application and will withdraw any conditional offer previously made.

We welcome applications on the understanding that, should you be offered this role, there may be no relocation package available. Santander will pay the employer mandatory government fees that are required to pay in connection with visa sponsorship. You may be liable for your own personal employee immigration and relocation costs.

WHAT TO DO NEXT

If this sounds like a role you are interested in, then please apply.

If there’s anything we can do in the recruitment process to help you achieve your best, get in touch. Whether it’s a copy of our application form in another format or additional assistance, we’re available through email. You can contact us at [e-mail].