Home / Business and Economy / Santander Eyes 3,000 Early Retirements Amidst AI Shift
Santander Eyes 3,000 Early Retirements Amidst AI Shift
24 Jun
Summary
- Santander is negotiating early retirement for up to 3,000 employees in Spain.
- The bank anticipates AI will streamline operations and reduce staffing needs.
- Retirement offers range from 74% to 76% of gross annual pay based on age.
Spanish bank Santander has begun talks with unions concerning a plan for voluntary early retirement that could affect up to 3,000 employees in Spain. These discussions are scheduled to continue until July and are anticipated to extend through 2028.
This initiative is part of a broader European banking trend anticipating the significant impact of artificial intelligence. AI is expected to streamline operations and reduce the requirement for human staffing, particularly in administrative functions.
The proposed early retirement scheme offers 74% of gross annual pay for employees aged between 55 and 57. Those aged 58 and above are offered 76% of their gross annual pay.
In 2025, approximately 800 staff members departed Santander in Spain under a similar retirement arrangement. This year, about 400 employees have already left through such programs.
Santander's strategy update in February highlighted potential cost savings exceeding €1 billion by 2028 through AI initiatives. The bank has previously reduced its workforce by about 14,000 employees over the last two years.
