The management at Spain’s largest bank Santander reached an agreement in principle with trade unions on 10 December as regards the conditions for the departure of 3,572 employees, the reassignment of 1,100 employees to other entities in the group, and the transfer of 400 employees to Santander Digital, the lender’s customer service and online account management hub. Representatives say they agree in principle with the plan but it will need to be approved by employees on 15 December, before it can be officially validated.
Focus on voluntary departures. Santander’s management agreed to trim down its initial plan, which, according to information communicated to trade unions on 13 November, would have involved 4,000 job cuts and the transfer of 1,000 jobs, as a result of the closure of 30% of the bank’s branches in Spain.
The agreement struck with trade unions prioritises voluntary departures and early retirement. Santander commits to accepting almost all applications from employees over the age of 58, with a maximu
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