Santander: To reduce Spain workforce by 11%

Santander: To reduce Spain workforce by 11%

Santander: Plans to Cut Spain Workforce by 11% in Efficiency Push

  • The Spanish lender told unions the measure will entail eliminating 3,700 jobs and closing 1,150 branches
  • Most of the job cuts will be in retail branches but some jobs in central offices will be affected as well
  • Santander has come under pressure from investors to improve its capital buffer levels
  • Santander’s Spanish unit had 32,366 employees in 4,366 branches at the end of March
  • The steps are part of a global plan to cut annual costs by 1.2 billion euros
  • The bank seeks ways to compensate for a low-interest rate environment that’s eroding profits in Europe