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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary Intermediation
530 jobs Number of planned job losses
Announcement Date
6 June 2024
Employment effect (start)
6 June 2024
Foreseen end date
Description
Spanish bank Santander has announced that it will cut 530 jobs worldwide.
The decision will affect about 380 positions in Germany and about 150 IT positions in India and the United Arab Emirates. The company has decided to close the German division of PagoNxt Merchant, the branch of its global platform PagoNxt specialising in merchant payments and channeled through the Getnet brand. Â
Santander intends to focus on its value positions in Spain and Portugal, as well as to redouble its efforts in its strategic markets in Latin America. PagoNxt was created in 2020 as a global payment platform to bring Santander’s Group innovative payment assets.
Eurofound (2024), Santander, Closure in World, factsheet number 201297, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201297.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
