Spain's Santander Bank is to cut 500 jobs at its German headquarters in Mönchengladbach in the west of the country, a company spokeswoman confirmed on Monday.
Santander attributed the move to simplification of its business model as well as exiting from new business in construction financing.
The bank is to cut staff levels from around 4,100 to 3,600 by the end of 2026, based on full time equivalents. As many staff work part time, the number of workers affected could be higher.
"We will implement these changes in a responsible way and are confident of achieving the staff structure we are aiming at through natural fluctuation and through voluntary and early-retirement programmes," Santander said.
No changes in the branch network in Germany are expected. Santander maintains around 200 branches in the country.
In 2017, Santander Bank closed 100 branches and cut 600 jobs in Germany when it combined the previously separate units, Santander Consumer Bank and Santander Bank.