Santander Plans to Cut 4,000 Jobs in Spain, Close Branches -Source
November 13 2020 - 10:41AM
Dow Jones News
By Cecilia Butini
Banco Santander is planning to shed 4,000 jobs in Spain and
close between 900 and 1000 branches in the country, a person with
knowledge of the decision told Dow Jones on Friday.
The Spanish bank told unions that it expects transactions to be
halved in the next two years, the person said. Customer behavior
accelerated by the coronavirus pandemic, as well as economic
circumstances, played a role in making the decision, according to
the source. In addition to the layoffs, the bank plans to relocate
more than 1,000 employees, the person said.
The news was first reported by Spanish news agency EFE.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
November 13, 2020 10:26 ET (15:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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