MADRID, June 24 (Reuters) – Spain’s Santander has started conversations with unions over a plan to offer early voluntary retirement to up to 3,000 employees in Spain, Spanish newspaper Expansion reported on Wednesday.
The move comes as lenders across Europe brace for the impact of AI, which is expected to streamline operations but also reduce staffing needs, particularly in administrative roles.
A spokesperson for Santander said that there are currently ongoing discussions with unions to set a framework for voluntary early retirements for staff, without providing any specific figures.
Citing sources familiar with the negotiations, Expansion said the potential staff reduction in Santander’s home country could affect 10%-15% of about 20,000 employees.
In its strategy update in February, Santander said that by 2028, more than €1 billion ($1.14 billion) in cost savings and revenue would come from initiatives in the AI field.
Like other European banks, Santander has already cut its workforce to reduce costs by about 14,000 employees in the last two years to below 200,000.
($1 = 0.8798 euros)
Reporting by Jesús Aguado; Editing by David Latona.
