At the end of September, the Banco Santander group had close to 201,000 employees worldwide, including those of the Popular
Spain’s largest bank, Santander, will eliminate 1,100 jobs as part of the restructuring stemming from the Banco Popular purchase in June, the group’s unions announced on Tuesday.
„The reordering of the central services in Banco Santander and Banco Popular will affect 1,100 people (…) through pre-retirement in the vast majority,“ says the statement of the main unions that negotiated the agreement.
These items will be partly voluntary, the published agreement requires.
For a symbolic euro, Santander, the first bank in the euro zone by market capitalization, was made in the early hours of June 7 with Banco Popular, then the sixth Spanish bank and on the verge of bankruptcy.
The operation was the first carried out under the umbrella of the European bank rescue mechanism, designed to avoid the use of public money in these cases.
Santander then set at 1,300 million euros the cost of restructuring the new group.
The unions said from the beginning that they feared a wave of layoffs, after in recent years the Popular eliminated 2,600 jobs and Santander, 2,500, according to UGT.
By the end of September, Banco Santander had around 201,000 employees worldwide, including those of Popular.
Before its purchase, the Popular had, on the other hand, about 11,400 employees.
At the moment, no bank branch has been announced, although the plan announced by Santander in June envisaged an „optimization of the common branch network“.