Santander cuts 320 US jobs in digital shift, according to reports

Spain’s Banco Santander SA (SAN.MC) has cut roughly 320 jobs in the US as it seeks to focus more on digital operations, Bloomberg News reported on Sunday citing a person familiar with the matter.

The Spanish banking giant laid off about 2.7 per cent of US employees in recent days, out of a workforce of about 11,800, the report said, adding that the dismissals are focused on the bank’s retail operations.

Santander did not immediately respond to a Reuters’ request for comment on the report.

“We are evolving our US business, investing in digital capabilities and simplified processes to adapt to changing customer needs,” Santander said in a statement to Bloomberg News.

The reported move follows Santander’s push towards digital operations in recent years. The bank will soon launch its digital bank service in Mexico, Santander Mexico’s head of digital and innovation Matias Nunez said in January.