Santander agrees to 3,223 job cuts

Santander will cut 3,223 jobs in Spain after reaching an agreement with unions. That’s 13% fewer cuts than originally proposed, with the lender agreeing to lower the retirement age from 58 to 55 in order to pass the deal. The job losses are part of a plan to reduce annual costs by €1.2 billion, with further plans to close 140 branches in the UK and to slash 1,400 jobs in Poland. The move comes as banks in Europe struggle against historically low interest rates.