Spain’s largest lender laid off about 2.7% of US employees in recent days, out of a total workforce of about 11,800, according to the person, who asked not to be identified because the matter isn’t public. The dismissals are focused on the bank’s retail operations in the country, the person said.
“We are evolving our US business, investing in digital capabilities and simplified processes to adapt to changing customer needs,” Santander said in an statement in response to questions from Bloomberg. “These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues. We will continue to support them throughout this process and are working to provide internal opportunities, where possible,” it said, without providing further details.
Although Santander is best known as a retail bank with large branch networks in several countries, it has been pushing in recent years to focus more on digital operations in markets where it doesn’t have a strong position, such as the US. Its main retail markets include Spain, Brazil and the UK.
“We are evolving our US business, investing in digital capabilities and simplified processes to adapt to changing customer needs,” Santander said in an statement in response to questions from Bloomberg. “These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues. We will continue to support them throughout this process and are working to provide internal opportunities, where possible,” it said, without providing further details.
Although Santander is best known as a retail bank with large branch networks in several countries, it has been pushing in recent years to focus more on digital operations in markets where it doesn’t have a strong position, such as the US. Its main retail markets include Spain, Brazil and the UK.
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