Banco Santander Slashes Jobs, JPMorgan Warned by Treasury: Financial Business Review

Banco Santander (NYSE:SAN): Current price $8.31

Spain’s biggest bank is slashing 3,000 jobs subsequent to its planned merger with its Banesto subsidiary, said inside and union sources to Cinco Dias on Friday. The bank completely absorbed its 110 year-old Banesto brand in December, shutting 700 branches in order to reduce longer-term expenses. Official discussions with unions in regards to the cuts will commence on January 9th, according to Cinco Dias.