The banking giant confirmed that discussions regarding a voluntary retirement framework are underway, though it declined to confirm the specific headcount figures reported by Expansion. This initiative aligns with the lender’s broader strategy unveiled in February, which projects over €1 billion in savings and revenue growth driven by AI-related operational efficiencies by 2028.

This shift reflects a wider industry trend as financial institutions across Europe pivot toward automation to streamline back-office functions. Santander has already reduced its global headcount by approximately 14,000 roles over the past two years, bringing its total staff count below 200,000. By targeting administrative layers, the bank aims to balance cost-cutting mandates with the technological transformation required to remain competitive in an increasingly automated financial sector.