Bank / Credit Union

Santander to cut 14% of jobs, third of branches in Spain

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November 17, 2020

Two independent sources reported to Reuters that Spain's Santander Bank is planning to cut 4,000 jobs, or around 14% of its total workforce in its home market, and close up to 1,000 branches, around 32% of its branch offices in Spain.

According to the sources, the decision was made due to the economic impact from the COVID-19 pandemic, ultra-low interest rates in the euro zone and a shift by customers towards online banking.

At the end of September, the bank had 28,797 employees and 3,110 branches across the country. The sources said another 1,000 staff would move on to different jobs within its Spanish branches.

Santander declined to comment on the cuts.

In October, Santander warned that, despite returning to profit in the third quarter, it would look to make more cost savings.

The bank has seen an acceleration in the uptake of digital services since the pandemic hit, with almost half of sales in 2020 done via mobile and online channels.