Banco Santander has opened discussions with trade unions in Spain about a voluntary early-retirement scheme that, according to media reports, could affect up to about 3,000 employees.
The Spanish business daily Expansión and sources speaking to the paper say the bank would offer early-retirement options to a portion of its domestic workforce. A Santander spokeswoman confirmed negotiations are underway to draw up a framework agreement, but no detailed figures have been published by the bank.
Why the move?
The plan reflects the growing use of artificial intelligence (AI) in banking: institutions expect AI to streamline operations and reduce labour needs, particularly in back-office and administrative roles. Sources familiar with the talks told the paper the potential downsizing in Spain could affect some 10–15 percent of Santander’s roughly 20,000 local employees, which corresponds to the reported figure of around 3,000 people.
In its February strategic plans, the bank said it expects more than €1 billion of cost savings and additional revenue related to AI developments by 2028.
Past cuts and broader context
Like other major European banks, Santander has implemented significant staff reductions over the past two years: it cut about 14,000 roles as part of cost-saving measures, bringing its headcount below 200,000.
The current talks and the proposed voluntary early-retirement option fit a wider trend of banks reorganising operations and lowering workforce requirements through automation and AI adoption.
Next steps
Negotiations between Santander and the trade unions are ongoing; the parties still need to agree on the details of the programme and the exact numbers. The spokeswoman’s confirmation indicates work is under way to design potential arrangements, but there is no official agreement yet.
Note on the conference
The Portfolio Future of Finance 2026 conference will take place on 23 September; the event was mentioned in the original report as part of the discussion of the sector’s future.
(Source: Expansión via Reuters — the article draws on the reporting and sources cited there.)
