Banco Santander SA is offering to cut 6.7% fewer jobs than expected under a redundancy plan announced in May, a union representing Santander employees said June 4.

The union said the bank was now planning to cut 3,464 jobs against an initial 3,713, or a total of 12% of its workforce. It also said Santander was offering better conditions for employees close to retirement age.

The redundancy plan comes as Santander integrates Banco Popular Español SA, which it acquired in 2017 for a symbolic €1 after it was wound down by European authorities. At the time of the acquisition, Santander said it planned to make €500 million in cost savings by 2020, accounting for 33% of Popular's cost base.