Santander Spain plans a large jobs cut
Santander, the Spanish bank, wants to cut around 3,700 jobs in its home country, which amounts to around 10% of its total workforce.
Santander has around 32,000 people in Spain, reports France24. A union representative also said it want to close 1,150 branches, which is roughly 25% of the total.
According to this source, the integration of Banco Popular, acquired in June 2017 for €1, had created duplications that Santander was now trying to solve.
This acquisition forced the bank to slash 1,100 jobs to restructure itself, putting many in early retirement.
The final figure for job and branch cuts will be known at the end of June.
Santander hasn’t provided comment.
Santander in January announced it would close one in five of its branches in Britain, which is expected to lead to 1,270 job losses in the country, as it focuses more on online banking.