EMCC European Monitoring Centre on Change

Banco Santander

Banco Santander

Geographic Location

Country: Spain


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation

Employment Effects

Announcement Date: 22-11-2018
Planned Job Reductions min: 3223
Planned Job Reductions max: 4000
Type of Restructuring: Merger/Acquisition
Foreseen End Date: 31-12-2019
Other Job Reduction Measures: 3223

Additional Information

Banco Santander, a Spanish multinational commercial bank and financial services company, and unions have signed a protocol of good practices for the next process of restructuring as the bank integrates Banco Popular, another failing Spanish bank bought / rescued by Santander in 2017. The restructuring will affect the group's network of offices throughout Spain. The unions UGT and STS have reported that the process will affect around 4,000 employees (17% of its total workforce).
This protocol also contemplates that the bank will prioritize voluntary exits, such as voluntary redundancies or early retirements, over forced exits.
Banco Popular earlier carried out a collective dismissal plan between 2016 and 2017, weeks after Santander bought the bank. The process affected 2,592 employees.


Updated, 17/06/2019:

Banco Santander and the majority of employee representatives signed an agreement finalising the negotiations. The plan involves 3,223 job cuts (13% less than originally proposed). The agreement offers different early retirements plans for workers above 50 years old of age or with a minimum of 15 years of seniority. For the rest of the affected workers, the unions and the bank agreed to compensation of 40 days per year worked, with a maximum of 24 monthly payments. Cuts are forecast to be closed at the end of the year.