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Santander to reduce Spanish workforce by 11%

Santander to reduce Spanish workforce by 11%

Banco Santander plans to cut 3700 jobs and close 1150 branches in Spain as part of a cost-cutting programme that will also see tech spending ramped up.

The branch closures are in part an effort to remove duplicates following Santander's purchase two years ago of Banco Popular Espanol SA. The plan will see the company's workforce in its home market reduced by 11%.

Meanwhile, 140 branches will also be closed in the UK and about 1400 jobs are being cut in Poland, according to Bloomberg.

The closures are part of a recently announced efficiency programme aimed at slashing EUR1.2 billion in annual costs.

This will see EUR20 billion spent on digital technology as Santander transitions its IT infrastructure towards a multi-cloud environment with global platforms supported by agile methodologies.

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