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Report: Santander may scale back job cuts relating from Popular acquisition

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Report: Santander may scale back job cuts relating from Popular acquisition

Banco Santander SA is considering scaling back the number of job cuts it will make after its acquisition of Banco Popular Español SA, according to El Economista.

The bank has already reduced the number of cuts to 1,384 jobs, instead of 1,585, but unions have asked it to reduce that number further, the newspaper said Nov. 28.

Santander acquired Popular on June 7 for a symbolic €1, after European authorities had deemed the latter to be "failing or likely to fail" because of its huge level of nonperforming assets. Santander said Nov. 3 that it had started talks with unions over job cuts.