Spanish banking group Banco Santander is set to slash 1,200 jobs in Spain as it shrinks its branch network.
About 950 of the layoffs will affect the bank’s branches, while the remaining will affect the central services unit, according to the UGT union.
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Half of the redundancies will be made through early retirement and will get 70% of their annual pay. Rest of the employees will be offered incentives to leave.
The decision to axe jobs comes after the bank’s announcement a week ago to close 450 branches in Spain due to increasing regulatory costs and adoption of digital banking methods by customers.
These branches account for 13% of the bank’s branch network in the country.
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