Banco Santander is planning to cut 1,200 jobs at its offices in Spain, according to the UGT union that represents bank workers; it claims the bank plans for half of the employees to take an early retirement and receive 70% of their annual pay while the other workers will be offered incentives to leave. The cuts are part of a plan by Santander, which has been struggling with mounting losses since being nationalized last year.
Banco Santander is planning to cut 1,200 jobs at its offices in Spain, according to the UGT union that represents bank workers; it claims the bank plans for half of the employees to take an early retirement and receive 70% of their annual pay while the other workers will be offered incentives to leave. Banco Santander has not responded to the reports.