Bloomberg News

CaixaBank Calls Spanish Unions for Meeting to Discuss Job Cuts

February 21, 2013

CaixaBank SA (CABK), Spain’s third-biggest bank, called labor unions to a meeting to discuss planned job cuts, a union official said.

The meeting will take place in Barcelona on Feb. 25 and the lender’s restructuring plans are on the agenda, Joan Sierra, general secretary for the Comisiones Obreras union branch at CaixaBank, said in a telephone interview today. The bank hasn’t tabled a precise proposal for any job cuts, he said.

Job reductions could affect 3,000 to 4,000 people, El Pais newspaper reported today, citing people close to CaixaBank it didn’t identify by name.

CaixaBank is under pressure to close branches and eliminate jobs after integrating Banca Civica in 2012, a process that boosted its workforce to 32,625 from 26,993 a year earlier at a time when other lenders are cutting their operating costs to weather Spain’s recession. CaixaBank has 6,342 branches to serve its 13 million customers, or one branch per 2,050 clients. That compares with more than 3,000 clients for each of the branches run by Banco Santander SA (SAN), the country’s biggest lender.

A spokesman for Barcelona-based CaixaBank, who asked not to be named in line with the bank’s policy, declined to comment.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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