Santander Spain negotiates voluntary pre‑retirement scheme with unions, targeting up to 3,000 staff

Banco Santander is holding talks with Spanish trade unions to set a framework for a voluntary pre‑retirement (early retirement) programme. The bank says there is no fixed target for the number of exits, but estimates the scheme could affect between 2,000 and 3,000 employees – roughly 10‑15% of its approximately 20,000 staff in Spain (about 34,000 when the headquarters is included). Negotiations are expected to conclude by mid‑July, with implementation possible from September.

The move follows a broader restructuring effort driven by automation and artificial‑intelligence investments that Santander expects to generate more than €1 billion in efficiency savings by 2028. The bank has already reduced its branch network to 1,607 locations in Spain, down from 3,433 in 2016, and cut its global workforce by about 14,000 people in the last two years, leaving roughly 185,000 employees worldwide. Unions are seeking enhanced conditions, including pension payouts of 74‑76% of salary for eligible retirees.