Bank Announces 11,000 job losses

The bank recently announced first quarter profits of E670m and expects to post around E700m each quarter for the rest of the year. The latest round of job cuts is expected to save up to E400m per annun.

Three thousand heads are likely to roll in Spain this year, with a further 3,000 likely to go in 2004 as the bank introduces new technology. The rest of the cuts are likely to be made in Latin America, where Santander is the region's biggest bank.