EMCC European Monitoring Centre on Change

Banco Santander

Banco Santander

Geographic Location

Country: Spain


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding

Employment Effects

Announcement Date: 08-11-2017
Planned Job Reductions min: 1585
Planned Job Reductions max: 1585
Type of Restructuring: Merger/Acquisition
Direct Dismissals: 1585
Other Job Reduction Measures: 575

Additional Information

Banco Santander has announced a restructuring affecting 1,585 workers. This decision has been taken following the acquisition of Banco Popular: workers from Banco Popular became employees of Banco Santander and some adjustment was needed. Although Banco Santander announced in the first phase that dismissals would only affect central services of Banco Popular, dismissals will finally affect 57 bank branches. The cities most affected will be Madrid (14), Barcelona (5), Valencia (4), Sevilla (3), Málaga (2) and Coruña (2). In addition, internal mobility measures will be implemented, affecting 575 employees. Negotiations with the trade unions are due to start shortly. The direction of Banco Santander expects short negotiations with a view to implement the employment adjustment as soon as possible. Trade unions hope that an agreement similar to the one which took place in April 2016  can be reached and that voluntary departures will be given priority over direct dismissals.