Santander to cut 11% of jobs in Spain

Santander

Spanish banking giant, Banco Santander, said it will look at cutting cost, a plan that could see the Spanish lender slashing its local workforce by close to 11%.

Reuters News cited the Spanish union, Comisiones Obreras in a statement released earlier today.

“This reduction will mainly affect the commercial network and its intermediate support structures, although it will also affect the principal offices,” Comisiones said.

At the end of March, the bank had 32,366 employees and 4,366 branches in Spain, according to the banks’ quarterly report.

Along with other European banks, Spanish banks are struggling to increase profits as ultra-low-interest rates.

Santander is the 5th largest bank in Europe with approximately US$1.4 trillion in total assets-under-management (AUM).