Santander Plans to Cut Spain Workforce by 11% in Efficiency Push
- Bank proposes cutting 3,700 jobs, closing 1,150 branches
- Cuts are part of drive to reduce costs by 1.2 billion euros
A visitor passes a reception desk inside the headquarters of Banco Santander in Madrid.
Photographer: Antonio Heredia/BloombergThis article is for subscribers only.
Banco Santander SA plans to cut its workforce by 11% in Spain as the lender continues the process of shuttering duplicated branches following the purchase of Banco Popular Espanol SA two years ago.
The Spanish lender told unions the measure will entail eliminating 3,700 jobs and closing 1,150 branches, according to a statement by the CCOO union on Tuesday. Most of the job cuts will be in retail branches but some jobs in central offices will be affected as well.