Spanish bank Unicaja to cut up to 1,513 jobs, union says
FILE PHOTO: The logo of Unicaja bank is seen on the facade of a Unicaja bank branch in Ronda, southern Spain, September 7, 2021. REUTERS/Jon Nazca//File Photo
MADRID (Reuters) - Spain's Unicaja has reached a pre-agreement with unions to cut up to 1,513 jobs, the bank's leading union Comisiones Obreras (CCOO) said on Friday.
The bank in October said it was seeking to cut more than 1,500 jobs, around 15% of its workforce, and close more than a quarter of its branches as part of a cost-savings plan following the acquisition of rival Liberbank.
The agreement with unions maintains the bank's initial plan but now meets some of the union's demands, such as not making layoffs compulsory.
"CCOO welcomes the agreement that guarantees voluntary and paid departures, protects the under 50s (...), improves severance pay, and provides alternatives to forced mobility," the union said.
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 action to adapt to a shift towards online banking, either by themselves or through tie-ups.
On Friday, CCOO did not disclose any details on the branch closures, while Unicaja declined to comment.
As of September, the combined Unicaja lender had 9,677 employees in Spain and 1,371 branches.
(Reporting by Jesús Aguado. Writing by Emma Pinedo, editing by Inti Landauro and Jane Merriman)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Factbox-Shenzhou-18 caps over two decades of Chinese human spaceflight
- Japan's corporate service inflation perks up in March
- Tesla prices Model 3 performance version at $46,364 in China, to deliver from Q3
Create E-mail Alert Related Categories
ReutersRelated Entities
Merriman Curhan Ford, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!