MARCH 5, 2024 — 320 U.S. JOBS
The bank has announced it has cut 2.4% of its U.S. workforce, or 320 employees, to focus more on digital operations.
According to a company spokesperson, “The bank is evolving its U.S. business, investing in digital capabilities and simplified processes to adapt to changing customer needs. These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues.
MARCH 23, 2022 — 198 EMPLOYEES IN PROVIDENCE, RHODE ISLAND
198 employees in Santander Bank’s East Providence office will be let go on April 8, 2022, as the company stops issuing residential mortgages.
FEBRUARY 16, 2022 — Original post…
Boston, Massachusetts-based Santander U.S., a full-service bank subsidiary of Madrid, Spain-based Santander Bank, has announced that it is winding down its U.S. residential mortgage lending operations.
Approximately 800 employees nationwide may be impacted and layoffs are expected to commence in April 2022.
The decision was driven by internal studies that considered rising interest rates, lower originations, and fiercer competition.
According to the President and CEO of Santander Bank and its U.S. holding company,
Tim Wennes, “We are simplifying our business to focus on those areas where we can be successful with clients and deliver solid returns. We didn’t see a clear path to above cost-of-capital returns and made a decision to stop new originations. The decision should have no immediate impact on customers in Santander’s mortgage servicing portfolio."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?