Proactive Investors - Banco Santander (BME:SAN) has cut the jobs of around 320 US workers as part of a wider plan to shift over to digital, reports revealed.
Around 2.4% of the bank’s 13,489 workers in the United States were laid off as the Spanish lender looks to simplify its operations and adapt to customers’ digital needs.
"These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues," the bank said.
Santander is hoping to launch a fully digital platform in the US this summer for both its consumer and commercial divisions.
Operations in the US have become the fifth-biggest division at Santander, with management continuing to push into the region, with plans to double its investment.
Yet, in 2023 net profits in the US slipped by almost 50% to €932 million after it experienced a 49% rise in provisions.
Last month, Santander reported UK lender Nationwide over its branch closure ad, which mocked bank executives and their decisions to ramp up the shuttering of high street sites.