Santander Plans 4,000 Job Losses, Adding to Wave of Cuts
- Lender intends to dismiss as much as 13% of Spanish workforce
- Bank will also relocate 1,090 employees into other group units
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Banco Santander SA plans to cut as many as 4,000 jobs in Spain, adding to a global wave of staff reductions across the financial industry.
The lender told union leaders on Friday it will lay off as much as 13% of its Spanish workforce and close as many as 1,000 branches after the pandemic boosted a switch by customers to digital channels, according to two people with knowledge of the matter. The lender also plans to relocate 1,090 more employees into other units, the people said, asking not to be named as the matter is private.