The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Nordrhein-Westfalen; Düsseldorf; Mönchengladbach, Kreisfreie Stadt
Location of affected unit(s)
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.9 - Other Financial Service Activities, Except Insurance And Pension Funding
500 jobs Number of planned job losses
Announcement Date
14 April 2024
Employment effect (start)
14 April 2024
Foreseen end date
31 December 2026
Description
The Spanish banking group Santander has announced 500 job cuts at its German headquarters in Mönchengladbach.
The reasons given for the decision include the simplification of the business model and the withdrawal from the new construction financing business. The bank plans to reduce the number of jobs from around 4,100 to 3,600 by the end of 2026. The number expected are full-time positions but since people are also employed part-time, the number of employees affected is likely to be higher. The company is aiming for a socially responsible reduction in jobs through natural fluctuation, voluntary and early retirement programmes.
Santander Bank last closed 100 branches and cut 600 jobs in 2017 as part of the merger of the previously separate sales networks of Santander 2017 - DE Santander Consumer Bank and Santander Bank.
Eurofound (2024), Santander Consumer Bank, Internal restructuring in Germany, factsheet number 201082, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201082.
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