Spanish bank Santander has reportedly cut over 300 staff in the US as part of a shift to digital operations.

According to sources cited by Bloomberg, the bank laid off about 2.7 per cent of its US workforce from a base of close to 12,000.

The source told the outlet that the dismissals are focused on Santander’s retail operations in the US.

Santander has a smaller US retail presence than in its main markets like Spain and the UK, with branches in only nine states. The bank’s network in the US, which is best known for auto financing, was developed from the acquisition of Sovereign Bancorp in 2010 with the business rebranded as Santander in 2013.

In comments to Bloomberg, a spokesperson for the bank said: “We are evolving our US 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. We will continue to support them throughout this process and are working to provide internal opportunities, where possible.”

Along with upping its digital operations in the US, Santander has been looking to grow its investment bank in the country. Over the past year, it has hired around 200 staff for this division with many being former Credit Suisse staff.

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