Spain’s Caixabank proposes laying off over 2,000 workers: source

CaixaBank's new headquarters in Valencia are pictured after the entity announced during the presentation of the 2017 third quarter results that it will stay definitely in Valencia
FILE PHOTO: CaixaBank’s new headquarters in Valencia are pictured in Valencia, Spain, October 24, 2017. REUTERS/Heino Kalis

January 17, 2019

MADRID (Reuters) – Spain’s third-largest bank Caixabank <CABK.MC> has proposed to unions the layoff of 2,157 workers, or around 7 percent of the total workforce in Spain, as part of its restructuring plan, a source at the bank said on Thursday.

The lender said on Nov. 27 it planned to cut almost a fifth of its branches in Spain over the next three years in a drive to boost profitability while pursuing its digital transformation.

“The restructuring plan will generate a labor excess that Caixabank estimates at 2,157 people,” the source said.

(Reporting by Andres Gonzalez; Writing by Paul Day; Editing by Andrei Khalip)

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