The Spanish Bank Santander Plans To Eliminate Approximately 4000 Jobs

The Spanish Bank Santander Plans To Eliminate Approximately 4000 Jobs

The Spanish bank Santander plans to close up to 1,000 branches on the domestic market and eliminate approximately 4000 jobs. This represents about 14% of the workforce. This was stated by two sources acquainted with the information. According to sources, Santander also plans to move another approximately 1,000 employees to other positions within its home branch network. The bank's management did not comment on the information. Record low interest rates are putting pressure on European banks. In recent months, the pressure has been exacerbated by the new coronavirus pandemic, which has forced them to further reduce costs. At the end of October, Santander Bank announced that it planned to reduce costs in Europe by about 1 billion euros by the end of 2022. Cost reductions will include job losses in Spain, Portugal, Britain and Poland. It is a further reduction in the cost of the originally announced reduction of € 1 billion by the end of this year. It published it in 2019. As the bank stated at the end of October when presenting the results for the third quarter, it should meet the original goal of reducing costs by 1 billion euros by the end of 2020.