Santander 'plans to close up to 425 Spanish branches'
Santander is planning a restructuring operation which could result in the closure of as many as 425 Spanish branches this year, according to a bank workers' union.
The CCOO union said it will negotiate with Santander to try to make sure that the closures result in "voluntary and not traumatic" ramifications for bank employees.
Santander has made no comment yet regarding the union's announcement.
Banco Santander SA is one of Europe's leading banks and has extensive Latin American operations.
The company said its Spanish operations generate 12% of its profit.