EMCC European Monitoring Centre on Change

Santander Operaciones España

Company/Organisation:
Santander Operaciones España

Geographic Location

Country: Spain
Location of affected unit(s): A Coruña (Galicia) and Madrid

Company

Sector: Administrative services
Administrative and support service activities
82.11 - Combined office administrative service activities
Number Employed: 830
Group: Banco Santander

Employment Effects

Announcement Date: 15-07-2019
Planned Job Reductions min: 109
Type of Restructuring: Internal restructuring

Additional Information

Administrative services and back office company Santander Operaciones España, subsidiary of Banco Santander, announced a labour force adjustment. This announcement comes after the signing of the collective dismissal agreement between Banco Santander and unions for the next restructuring step as the bank integrates with Banco Popular.

The measure is expected to affect 109 employees. The company offers an early retirement buyout with 70% of the salary for 55 years or older employees and a compensation equivalent to 50% of salary from the last six years for employees aged between 53 and 54 years. For those until 52 years old (or with less than 15 years of seniority), the company offers a compensation equivalent to 33 days per year worked up to a maximum of 18 months.

Layoff conditions are lower than those present in the collective dismissal agreement, signed in June 2019 between the parent company and the unions. Indeed, the latter are opposing the offer, while demanding to match the conditions of the agreement with Banco Santander.

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