Spanish banking giant Santander has entered negotiations with labour unions over a voluntary early retirement programme that could eventually cover thousands of employees in Spain, according to a report published by financial newspaper Expansión on Wednesday.
The discussions come as banks across Europe prepare for the growing impact of artificial intelligence (AI), which is expected to improve efficiency and automate processes, particularly in administrative functions, potentially reducing staffing requirements.
Santander confirmed that talks with union representatives are under way to establish a framework for voluntary early retirement options for employees. The bank stressed, however, that no specific target had been set regarding the number of workers who might participate.
Comisiones Obreras (CCOO), the largest union in Spain’s banking sector, said negotiations had begun and were expected to continue until July. The proposed scheme would cover voluntary retirements through to 2028. The union emphasised that the discussions were not linked to a compulsory restructuring process and that no agreed figure for departures had been established.
According to a CCOO spokesperson, around 800 Santander employees in Spain left the bank under a similar retirement programme in 2025, while approximately 400 workers have done so so far this year.
Expansión, citing sources familiar with the negotiations, reported that the plan could result in between 2,000 and 3,000 employees leaving the bank. That would represent roughly 10% to 15% of Santander’s workforce of about 20,000 employees in Spain.
When staff at Santander’s corporate centre, which houses the group’s global headquarters, are included, the bank’s workforce in Spain rises to around 34,000 employees.
The union representative said the package currently being discussed would provide employees aged between 55 and 57 with 74% of their gross annual salary, while workers aged 58 and over would receive 76%.
In a strategic update released in February, Santander said its investments and initiatives in AI were expected to generate more than €1 billion in additional revenue and cost savings by 2028.
Like many other European lenders, Santander has already been reducing costs through workforce reductions. Over the past two years, the bank has cut around 14,000 jobs globally, bringing its total number of employees worldwide to below 200,000. ALSO READ: Santander insists ‘UK is a core market’ amid reports that the bank might exit Britain.
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EXCLUSIVA | Santander planea prejubilar entre 2.000 y 3.000 empleados en España
— expansioncom (@expansioncom) June 24, 2026
✍️ Una información de M. Martínez y @raquel_lander https://t.co/nwEQg9YeC6
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