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Spain’s largest lender, Banco Santander (NYSE:SAN), has eliminated about 320 positions in the U.S. as it steps up focus on its digital operations, as per a Bloomberg report that cited a person familiar with the matter.
The bank laid off roughly 2.7% of its U.S. staff recently, out of a total workforce of about 11,800.
“We are evolving our U.S. business, investing in digital capabilities and simplified processes to adapt to changing customer needs,” said Santander (SAN), according to the report. “These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues.”
Santander’s (SAN) – whose main retail markets include Spain, Brazil, and the U.K. – has been focused on boosting digital operations in markets where it lacks a strong position, including the U.S.
The bank’s Spanish-listed shares slipped 0.3% to €3.86 per share on Monday.
