Banco Santander has initiated a workforce restructuring process targeting its technological subsidiaries, Santander Digital Services (SDS) and Gravity. The bank has contacted union representatives to begin talks following the July merger of SDS and SGTO.
The restructuring follows the implementation of a common cloud-based platform, Gravity, across all global markets. Santander attributes the move to the elimination of duplicate roles and the completion of major tech projects within these 13,000-strong units.
This marks the first formal redundancy process since the pandemic, following a prior reduction of 4,000 staff. It coincides with a voluntary early retirement scheme for employees over 55, offering up to 76% of salaries for those departing before 2028.