Santander Totta to cut workforce by 1,175 in 2021

Santander Totta cut 1,175 workers in Portugal in 2021, according to the bank’s accounts for last year released on Wednesday at a press conference.

At the end of 2020, Santander had 5,980 employees and at the end of 2021, there were 4,805.

The total number of branches in Portugal was reduced by 79 to 348 by the end of 2021.

Also in 2021, Santander Totta had €282.1 million in staff costs, down 13% on 2020.

The bank, owned by Spanish group Santander, disclosed today that, in 2021, it made profits of €298.2 million, up 0.9% compared to 2020.

In 2021, net operating income was €1,318 million, up 2.8% year-on-year, with net interest income falling 7.3% to €731.2 million, while net commissions increased 14.3% to €426.6 million.

Last year saw the return of major restructuring processes in the main banks, which included the departure of thousands of employees, with the main staff reductions occurring in Santander Totta and BCP.

Most of the workers left by agreement (termination by mutual agreement or early retirement), but there were also employees covered by collective dismissals.

Santander Totta workers have held several demonstrations against the redundancies.