Santander Eyes 3,000 Early Retirements in Spain Amid Growing AI Adoption
Early Retirement Plans and AI Impact at Santander
Initial Discussions with Unions
MADRID, June 24 (Reuters) - Spain's Santander has started conversations with unions over a plan to offer early voluntary retirement to up to 3,000 employees in Spain, Spanish newspaper Expansion reported on Wednesday.
AI Adoption and Workforce Reduction
Streamlining Operations Through AI
The move comes as lenders across Europe brace for the impact of AI, which is expected to streamline operations but also reduce staffing needs, particularly in administrative roles.
Ongoing Negotiations and Uncertain Figures
A spokesperson for Santander said that there are currently ongoing discussions with unions to set a framework for voluntary early retirements for staff, without providing any specific figures.
Potential Scale of Staff Reductions
Citing sources familiar with the negotiations, Expansion said the potential staff reduction in Santander's home country could affect 10%-15% of about 20,000 employees.
Santander's Broader Cost-Saving Initiatives
AI-Driven Savings and Revenue
In its strategy update in February, Santander said that by 2028, more than €1 billion ($1.14 billion) in cost savings and revenue would come from initiatives in the AI field.
Recent Workforce Cuts
Like other European banks, Santander has already cut its workforce to reduce costs by about 14,000 employees in the last two years to below 200,000.
Currency Exchange Rate
($1 = 0.8798 euros)
Reporting Credits
(Reporting by Jesús Aguado; Editing by David Latona)
