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Banco Santander to axe 400 branches, 1200 staff in Spain

Banco Santander is bank is planning to lay off 1200 workers as part of a restructuring plan that will also shutter more than 400 branches, according to UGT, a union representing bank workers. The union said Banco Santander’s plan calls for half of the employees to take early retirement and receive 70% of their annual pay. It said other workers would be offered incentives to leave.

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