Banco Santander announces job cuts in US amid digitalisation drive

Banco Santander SA, a prominent Spanish banking entity, has implemented workforce reductions in the United States, cutting approximately 320 jobs as part of its strategic shift towards digital operations, as reported by Bloomberg News.

The layoffs, constituting about 2.7 per cent of the bank's US workforce of around 11,800 employees, are primarily concentrated within the bank's retail operations.

While Banco Santander has yet to respond to requests for comment from Reuters, the reported layoffs puts a spotlight on the institution's efforts to realign its business priorities in response to evolving customer demands and technological advancements.

In a statement provided to Bloomberg News, Banco Santander said it was modernising its US operations by investing in digital capabilities and streamlining processes to better serve its clientele.

By focusing on digital transformation initiatives, Banco Santander aims to remain agile and competitive amid the evolving financial landscape.

Earlier announcements from the bank have showed its intent to expand digital services beyond the US market, with plans to launch a digital bank service in Mexico, as disclosed by Santander Mexico's head of digital and innovation, Matias Nunez, in January.

(With inputs from Reuters)