Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

1,585 jobs
Number of planned job losses
Job loss
Announcement Date
8 November 2017
Employment effect (start)
Foreseen end date


Banco Santander has announced a restructuring affecting 1,585 workers. This decision has been taken following the acquisition of Banco Popular: workers from Banco Popular became employees of Banco Santander and some adjustment was needed. Although Banco Santander announced in the first phase that dismissals would only affect central services of Banco Popular, dismissals will finally affect 57 bank branches. The cities most affected will be Madrid (14), Barcelona (5), Valencia (4), Sevilla (3), Málaga (2) and Coruña (2). In addition, internal mobility measures will be implemented, affecting 575 employees. Negotiations with the trade unions are due to start shortly. The direction of Banco Santander expects short negotiations with a view to implement the employment adjustment as soon as possible. Trade unions hope that an agreement similar to the one which took place in April 2016  can be reached and that voluntary departures will be given priority over direct dismissals.


  • 8 November 2017: El País
  • 9 November 2017: El Confidencial


Eurofound (2017), Banco Santander, Merger/Acquisition in Spain, factsheet number 92477, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92477.