Overview

• Santander is laying off nearly 3% of its American staff, with the job cuts concentrated in retail banking.
• The layoffs are part of Santander's broader strategy to invest in digital capabilities and streamline processes.
• Santander plans to launch a digital bank in Mexico, indicating a significant push towards digital banking.
• Despite the shift to digital, research shows a continued consumer preference for in-person banking for complex issues.
• Santander's U.S. business, including auto financing and retail banking, reported €932 million in net income last year.