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Report: Santander to cut 1,200 jobs in Spain

BancoSantander SA intends to cut 1,200 jobs as part of a restructuringplan in Spain, Reuters reported April 6, quoting Spanish union ComisionesObreras after its talks with the bank.

The union reportedly said that the layoffs will involveearly retirements, making up half of the job cuts, and that incentives will beoffered to others to leave. The union urged the bank to substantially reducethe number of layoffs.

According to the news source, Santander plans to around 450 small domesticbranches amid mounting regulatory costs and a push into digital services.