By Cecilia Butini

 

Banco Santander is planning to shed 4,000 jobs in Spain and close between 900 and 1000 branches in the country, a person with knowledge of the decision told Dow Jones on Friday.

The Spanish bank told unions that it expects transactions to be halved in the next two years, the person said. Customer behavior accelerated by the coronavirus pandemic, as well as economic circumstances, played a role in making the decision, according to the source. In addition to the layoffs, the bank plans to relocate more than 1,000 employees, the person said.

The news was first reported by Spanish news agency EFE.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

November 13, 2020 10:26 ET (15:26 GMT)

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