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Santander Totta reduced 111 employees and closed 40 branches in the first nine months of this year, according to results presented today.
In the statement released today (in which it reports profits of 254.5 million euros between January and September, 35% less than in the same period last year), the bank indicates that in September it had 6,077 employees in Portugal. This figure means 111 less than last December (2019 accounts indicated 6,188 workers at the end of that year).
As for the commercial network, Santander Totta had 465 branches in September, in this case 40 fewer than the 505 at the end of 2019.
Compared to September 2019, the reduction in workers is 194 and the number of branches closed is 46.
Santander Totta (owned by the Spanish Santander group) is in the process of reducing workers, having in recent weeks proposed to employees (in individual meetings) the termination of the contract by mutual agreement.
Leaving workers receive compensation, but will not have access to unemployment benefits.
However, the bank does not anticipate how many employees it wants to reduce.
Two weeks ago, after a plenary of workers from Santander Totta, the president of the Union of middle managers and banking technicians, Paulo Marcos, told Lusa that the bank has also not provided concrete information to the union, but that from what they learn the workers deal with “dozens and dozens” of employees contacted at this stage.
According to information obtained by Lusa from trade union sources, by the end of the year there will be a first phase of workers leaving Santander Totta, but the process will continue in 2021.
The reduction in the structure of the banking sector has occurred in recent years and will continue in the coming months and years.
At the end of July, the rating agency Fitch believed that, given the new threat to the Portuguese banking sector that represents the covid-19 crisis, one of the measures the banks will take will be further restructuring.
Santander Group Executive Chairman José António Álvarez said last week that the banking group intends to cut jobs in Spain, Portugal, the UK and Poland as part of its plan to save another billion euros in Europe.
The Santander banking group recorded a net profit of 3,658 million euros in the first nine months of the year, a decrease of 40.8% compared to the same period of 2019, explained by the provisions to deal with the impact of the covid-19 pandemic.
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