Another bank now announces hundreds of unexpected layoffs in its retail operations as it transitions to online services.
Santander has cut about 320 of its U.S. roles in recent days, a person familiar with the matter told Bloomberg and Reuters.
Many of the layoffs are centered on the bank’s retail operations as Santander looks to give itself more of a digital focus, in line with a strategy Chair Ana Botin emphasized around this time last year at the bank’s investor day.
“Now it’s time to accelerate towards building a digital bank with branches,” Botin wrote in an Instagram post in February 2023.
Santander aims to launch a fully digital platform in the U.S. this summer in its consumer and commercial units, according to Reuters.
“We are evolving our US business, investing in digital capabilities and simplified processes to adapt to changing customer needs,” Santander said in a statement seen Sunday by Bloomberg and Reuters.
“These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues.
We will continue to support them throughout this process and are working to provide internal opportunities, where possible.”
The layoffs account for between 2.4% and 2.7% of Santander’s U.S.-based workforce, according to varying figures reported by the wire services.
The move comes at a time when Santander seeks to double its investment banking business in the U.S.
To that end, the bank has aimed to hire 150 employees to build out its investment banking operations in the U.S., Reuters reported in July.
Santander hired more than 100 bankers in 2023 through October, according to the Financial Times, with most of those roles in the U.S. and more than half filled by Credit Suisse alums, reports BankingDive.
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Also Read: A US Bank is Now Denying Customers Access to Money
Other Economy News Today
An unexpected round of bank closures now hits Florida as institutions file new warnings with the Office of the Comptroller of the Currency.
The state of Florida has now officially received more filings advising of twelve additional bank locations to close.
Some of the biggest banks to advise of branch closures in Florida include Wells Fargo and Bank of America.
Below is a list of the 12 bank branches closing in Florida this year:
- Wells Fargo. 14731 Biscayne Blvd, North Miami
- PNC Bank. 12000 West Forest Hill Blvd, Wellington
- Wells Fargo. 4285 U.S. 1 Hwy South St, Augustine
- Bank of America. 50 North Laura St, Jacksonville
- Bank of America. 21060 Saint Andrew Blvd, Boca Raton
- Bank of America. 19645 Biscayne Blvd, Aventura
- First American. 2301 Maitland Center Parkway, Maitland
- Fifth Third Bank. 10417 Gibsonton Dr, Riverview
- TD Bank. 2675 West State Rd 434, Longwood
- TD Bank. 3325 West Hillsboro Blvd Deerfield Beach
- Bank of America. 459 Brandon Town Center, Brandon
- Bank of America. 10300 Southside Blvd, Jacksonville
According to data from the Office of the Comptroller of the Currency (OCC), banks filed notices to close a total of 1,566 branches last year.
Despite all the closures, the OCC stated, “The OCC understands the importance of bank branches and is committed to supporting access to banking services in all communities.”
Despite the push to digital banking, many customers prefer to do their banking in a physical location, especially the older generation.
There is a fear that the continuation of closing bank branches may lead to what’s known as ‘banking deserts’ — where smaller cities might have to travel further for their banking needs — and adversely impact communities.
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Also Read: A Massive US Bank is Now Closing Credit Cards
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