MADRID – Spain's largest bank Santander will cut 3,000 jobs following its planned merger with its Banesto subsidiary, Cinco Dias reported on Friday, citing sources from unions and close to the bank.
Santander announced plans to fully absorb its 110 year-old Banesto brand last month, closing 700 branches to cut longer-term costs.
The bank had warned of gradual but heavy job losses when it announced the deal but did not give a specific number. Official talks with unions over the cuts will open on January 9, Cinco Dias said.
No one at Santander was immediately available for comment.
(Reporting By Tracy Rucinski; Editing by Hans-Juergen Peters)