Stay in the loop! Subscribe to our newsletter and gain access to exclusive insights, trends, and news from the world of business and leadership. Don’t miss out!
Spanish bank Santander has initiated workforce reductions in the United States, resulting in approximately 320 job cuts.
According to a source familiar with the matter, this move is part of the bank’s strategy to prioritize digital operations and streamline processes.
The job cuts represent about 2.4% of Santander’s total workforce in the United States, which represents 13,489 employees. The layoffs primarily affect branch colleagues, reflecting the bank’s efforts to evolve its business model to meet changing customer demands.
Santander emphasized its commitment to investing in digital capabilities and simplifying processes to better serve customers. The bank clarified that the staffing adjustments are part of its ongoing efforts to adapt to evolving market dynamics.
Santander is preparing to launch a fully digital platform in the United States across its consumer and commercial units this summer.
The shift towards digitalization underscores the bank’s focus on enhancing customer experience and operational efficiency.
The United States has emerged as a key market for Santander, ranking as the group’s fifth-largest business.
The bank aims to double its investment banking activities in the country. Despite challenges such as loan losses and higher funding costs, Santander remains committed to expanding its presence in the U.S. market.
In 2023, Santander’s net profit in the United States declined by 48%, totaling 932 million euros.
This decrease was attributed to a significant provision increase, reflecting the challenging operating environment and the bank’s proactive risk management approach.
Volvo Cars has reduced its margin and revenue expectations for the second time this year. This
Safe Superintelligence (SSI), co-founded by former OpenAI chief scientist Ilya Sutskever, has successfully raised $1 billion
According to two sources familiar with the matter, Tesla plans to introduce a six-seat variant of
Cryptocurrency investors and industry executives plan to raise at least $100,000 for Vice President Kamala Harris
Warren Buffett’s conglomerate, Berkshire Hathaway, has reduced its stake in Bank of America (BofA) by selling
