Santander Announces Job Cuts Amid Digital Banking Expansion
The Spanish banking giant is reducing its U.S. workforce by approximately 320 positions, focusing on retail operations as it enhances digital services.
- 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.
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CNA 