MADRID (Reuters) - Santander and unions have agreed on 3,223 layoffs in Spain as part of the bank’s effort to integrate Banco Popular, Spanish union CCOO said on Thursday.
That was slightly lower than the figure initially targeted by the bank, at just over 3,700 layoffs, the union said.
Santander declined to comment.
CCOO said that details of the agreement still needed to be finalised.
With the latest figure, Santander is cutting slightly less than 10 percent of its total workforce in Spain though it is still closing 1,150 branches, slightly more than a quarter of its branches, according to a CCOO spokeswoman.
At the end of March, Santander had 32,366 employees and 4,366 branches in Spain.
Reporting by Jesús Aguado; Editing by Ingrid Melander