Banco Santander vowed to cut an additional €1bn ($1.18bn) in costs from its European operations in the next two years, and said it now expects to set aside less than previously guided for potential loan losses this year.

The Spanish bank said on 27 October that its cost-savings plans are advancing better than expected. By the end of the year, it will achieve its goal to save €1bn in Europe, and promised to cut €1bn more in costs in the region in coming years.