Banco Santander SA, a big Spanish bank, has cut around 320 jobs in the United States. This move is part of their plan to shift towards digital operations, according to Bloomberg News.
These job cuts make up about 2.7 percent of the bank's US workforce, which is around 11,800 employees. Most of the job losses are in the bank's retail operations.
Even though Banco Santander hasn't responded to Reuters' requests for comments, the reported layoffs shed light on the bank's efforts to adjust its business focus. They're doing this in response to changes in what customers want and advancements in technology.
In a statement given to Bloomberg News, Banco Santander mentioned that they're updating their US operations. They're investing in digital capabilities and making their processes more efficient to better serve their customers.
Banco Santander is putting emphasis on digital transformation initiatives. This is their way of staying quick and competitive in the changing financial world.
Previous announcements from the bank have shown their intention to go beyond the US market. They plan to start a digital bank service in Mexico. This was disclosed by Santander Mexico's head of digital and innovation, Matias Nunez, in January.