Bloomberg News

CaixaBank Says 3,000 Jobs May Be Affected by Cost-Cutting Plan

February 25, 2013

CaixaBank SA (CABK), Spain’s third-biggest bank, said some 3,000 employees would be affected by plans to cut costs after it acquired lenders including Banca Civica SA.

Jobs need to be cut after the bank absorbed Banca Civica last year and agreed to take over nationalized lender Banco de Valencia SA, Barcelona-based Caixabank said in a statement today. Talks with unions may last until the end of April, it said.

“The aim is to analyze all the possible formulas and agree on the best measures to adjust the workforce to the needs of the business,” CaixaBank said in the statement. “The application of these restructuring measures will affect some 3,000 staff.”

CaixaBank’s integration of Banca Civica in 2012 boosted its workforce to 32,625 from 26,993 a year earlier as lenders including Banco Santander SA (SAN) shutter branches to weather Spain’s economic slump. CaixaBank has 6,342 branches serving 13 million customers, or one branch for every 2,050 clients. That compares with more than 3,000 clients for each of the branches run by Santander, the country’s biggest lender.

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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