"We'll start to talk about the cuts with Santander next week. The bank hasn't confirmed any numbers, but we think the final figure will be closer to 3,000," announced Jose Miguel Villa, secretary general of the services federation for Spain's second-largest union UGT, on January 4.
The job cuts will reportedly be made through early retirements, incentivized departures and transfers to other units of the group.
The country's banking unions estimate 12,000 job losses this year in the financial sector alone. The eurozone aid Spain received to restore its financial system will mainly go to nationalized lenders including Bankia.
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