Banco Santander has started discussions with trade unions in Spain on a voluntary early retirement framework that could cover as many as 3,000 workers, according to Spanish daily Expansion.
The talks come as lenders across Europe prepare for the effects of AI, which is seen as helping simplify processes while lowering demand for staff, especially in back-office functions.
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Comisiones Obreras, the largest union in Spain’s banking industry, said it had entered negotiations with the bank, reported Reuters.
The process is due to run until July and covers voluntary retirements through to 2028.
Under a similar arrangement, about 800 Santander employees in Spain left in 2025. So far this year, roughly 400 workers have departed under the scheme, the news agency said citing a union spokesperson.
The possible reduction of 2,000 to 3,000 jobs would represent about 10% to 15% of Santander’s roughly 20,000 employees in Spain.
The proposed plan would cover branch networks and central services, including staff based at the Financial City in Boadilla del Monte and at the Luca de Tena headquarters in Madrid, Expansion reported.
In a strategy presentation in February, Santander said AI-related measures would generate more than €1bn ($1.14bn) in savings and revenue by 2028.
Santander has reduced headcount by about 14,000 over the past two years as part of cost-cutting efforts, taking its global workforce to fewer than 200,000, added the news agency.
The bank is aiming for an agreement around July 15, with implementation due to begin in September.
The next meeting with unions is scheduled for July 2. The plans will not involve any cost to the state.
