The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
6,000 jobs Number of planned job losses
Announcement Date
29 October 2020
Employment effect (start)
Foreseen end date
31 December 2022
Description
Spanish multinational commercial bank Banco Santander announced that it plans to cut its workforce across Europe under a cost-saving programme in 2020-2022. The restructuring programme, called One Europe, is expected to be implemented in Spain Portugal, Poland and the UK. So far, the bank announced job cuts in two countries: Poland (2,000 jobs cut) and Spain. In Spain, the lender intends to lay off 13% (about 4,000 jobs) of its workforce and close about 1,000 branches across the country. The conditions of the collective dismissal schemes are negotiated with employees’ representatives according to local regulations.
The cost-saving and restructuring programme is related to the COVID-19 pandemic. The CEO of the company revealed the bank recorded a loss of $10.59 billion in the first nine months of 2020. The number of office transactions has been decreasing, while digital transactions have been increasing, and the pandemic accelerates the trends. The bank plans to focus on operation digitalisation as well as improve its organisational effectiveness. Under the programme, Banco Santander aims to save €1 billion within the next two years.
Founded in 1857, Banco Santander operates in Europe, both Americas and Asia. As of 2019, the bank employed 196,419 staff worldwide.
Eurofound (2020), Banco Santander, Internal restructuring in European Union, factsheet number 102747, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102747.
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