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

The brand of Unicaja financial institution is seen on the facade of a Unicaja financial institution department in Ronda, southern Spain, September 7, 2021. REUTERS/Jon Nazca//File Photograph

MADRID, Dec 3 (Reuters) – Spain’s Unicaja (UNI.MC) has reached a pre-agreement with unions to chop as much as 1,513 jobs, the financial institution’s main union Comisiones Obreras (CCOO) stated on Friday.

The financial institution in October stated it was looking for to chop greater than 1,500 jobs, round 15% of its workforce, and shut greater than 1 / 4 of its branches as a part of a cost-savings plan following the acquisition of rival Liberbank. learn extra

The settlement with unions maintains the financial institution’s preliminary plan however now meets among the union’s calls for, equivalent to not making layoffs obligatory.

“CCOO welcomes the settlement that ensures voluntary and paid departures, protects the underneath 50s (…), improves severance pay, and gives alternate options to compelled mobility,” the union stated.

Spanish banks and their counterparts elsewhere in Europe are slicing prices as their total profitability is underneath strain from ultra-low rates of interest and as they take motion to adapt to a shift in direction of on-line banking, both by themselves or by tie-ups.

On Friday, CCOO didn’t disclose any particulars on the department closures, whereas Unicaja declined to remark.

As of September, the mixed Unicaja lender had 9,677 staff in Spain and 1,371 branches.

Reporting by Jesús Aguado. Writing by Emma Pinedo, enhancing by Inti Landauro and Jane Merriman

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