Spanish bank Unicaja to cut up to 1,513 jobs, union says


The Unicaja Bank logo can be seen on the facade of a branch of Unicaja Bank in Ronda, southern Spain on September 7, 2021. REUTERS / Jon Nazca // File Photo

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MADRID, December 3 (Reuters) – Spain’s Unicaja (UNI.MC) has reached a pre-agreement with unions to cut up to 1,513 jobs, the bank’s main union, Comisiones Obreras (CCOO) said on Friday.

The bank announced in October that it was seeking to cut more than 1,500 jobs, or about 15% of its workforce, and close more than a quarter of its branches as part of a plan to cut costs following the acquisition of rival Liberbank. Read more

The deal with the unions maintains the bank’s initial plan but now responds to some of the union’s demands, such as not making layoffs mandatory.

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“CCOO welcomes the agreement which guarantees voluntary and paid departures, protects those under 50 (…), improves severance pay and offers alternatives to forced mobility,” said the union.

Spanish banks and their counterparts elsewhere in Europe are cutting costs as their overall profitability is under pressure from ultra-low interest rates and as they take steps to adapt to a move towards online banking, either through them themselves, or through partnerships.

CCOO did not reveal any details of the branch closings on Friday, while Unicaja declined to comment.

In September, combined lender Unicaja had 9,677 employees in Spain and 1,371 branches.

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Report by Jesús Aguado. Written by Emma Pinedo, edited by Inti Landauro and Jane Merriman

Our standards: Thomson Reuters Trust Principles.


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