🚀 ProPicks AI Hits +34.9% Return!Read Now

Caixabank to reduce planned job cuts by 1,300 following strike

Published 22/06/2021, 13:51
© Reuters. People walk past a Caixabank's branch displaying a sign that reads "Office branch closed temporarily. This office will be closed throughout the day"  during a one-day strike called by unions against the bank's plans for layoffs in Madrid, Spain, June 22,
BBVA
-

By Jesús Aguado and Cristina Galan

MADRID (Reuters) - Spain's Caixabank on Tuesday offered to reduce the number of job cuts by more than 1,300 from its initial plan of nearly 8,300 layoffs as thousands of employees went on a one-day strike and staged protest rallies across Spain.

It was the second such labour action in Spain's banking sector in less than three weeks after a one-day strike by BBVA (MC:BBVA) employees marked the first stoppage involving a bank at a national level in 30 years.

Following its acquisition of Bankia, Caixabank said in April it was planning to cut 8,291 jobs, one of the largest such culls in Spanish history, to adapt to a client shift towards online banking.

On Tuesday, it offered to bring that number down to 6,950, while it also improved economic compensations for those who leave the bank, Caixabank said in a statement.

Spanish union Comisiones Obreras (CCOO), the largest in the financial sector, demands that any cuts should be through voluntary redundancy while calling for greater financial compensation.

A CCOO spokesperson said on Tuesday it was still too early to give an assessment of the bank's latest offer.

Negotiations between the bank and unions are expected to end on June 29.

"If they fire me now, I won't find another job," said Noelia Anchuelo Berlinches, a 49-years-old Caixabank employee, protesting in front of Caixabank headquarters in Madrid.

© Reuters. People walk past a Caixabank's branch displaying a sign that reads

"What we are asking now is to be treated with respect," said Anchuelo Berlinches, who started working 30 years ago at Caja Madrid, the former savings bank that became Bankia in 2010.

According to CCOO, 70% of Caixabank's 5,552 branches in Spain were shut by the strike on Tuesday although neither the bank nor CCOO said how many of its around 44,000 employees had taken part in the strike.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.