Spanish bank to lay off thousands of employees

Spanish bank to lay off thousands of employees


Merged with Bankia in September 2020 in Spain to become one of the largest banks in the country. CaixabankAnnounced that it will go to the Temporary Employment Arrangement (ERE), closing 27 percent of its branch network by laying off 8 thousand 291 employees.

It was stated that Caixabank, which will make the biggest layoff in Spanish banking history to date, will reduce its total personnel by 18 percent together with ERE.

SENIOR COMPENSATION OF THE DISMISSED

In a statement made to the Spanish press, one of the union representatives who attended the meeting with the Caixabank management, employees over 63 years of age were given a maximum 1-year, 58-63 age group up to retirement age, 55-58 age group half salary for a maximum of two years, and the rest, 18 months at most. It was reported that a severance pay proposal calculated over 25 days was made.

It has been informed that half of the 8 thousand 291 people who are expected to be dismissed will be under the age of 50, and if this rate cannot be achieved, the process of those who want to leave voluntarily will be facilitated.

LARGEST BANK IN THE DOMESTIC MARKET

Having taken the merger decision in September 2020, Caixabank and Bankia had become the largest bank in the country’s domestic market, with total assets of 664 billion euros, 51,000 employees and more than 6,700 branches.

Due to the current economic problems in Spain, other major banks of the country such as Santander and BBVA had announced that they would also lay off workers.

The Spanish press had announced that Santander would lay off 5,000 and BBVA around 3,000, and a total of more than 15,000 workers in the banking sector would be dismissed.


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