CaixaBank to downsize its workforce by 2,600 employees using voluntary measures, after reaching an agreement with unions

• The number of employees affected will be substantially less than was initially planned (3,002 jobs).
• There will be no forced dismissals as part of this downsizing, which will only use voluntary redundancies, regional transfers and incentivised leaves of absence.
• Throughout the negotiations CaixaBank has prioritised retaining as many employees as possible and respecting the voluntary principle.

CaixaBank's senior management and unions representing 100% of the bank's workforce have reached an agreement to use voluntarily measures to reduce staff numbers by 2,600, based on voluntary redundancies, geographic transfers and incentivized leaves of absence.

The number of employees affected will therefore be substantially less than the 3,002 figure initially planned.

On 25 February CaixaBank, which on 31 December employed 30,442 staff (32,625 including other CaixaBank Group companies), reported that it would implement restructuring following its recent merger with the savings banks making up Banca Cívica, and the forthcoming incorporation of Banco de Valencia. The aim is to adapt the bank to the current environment and to improve resource efficiency via structural optimisation.

The restructuring will help make CaixaBank more competitive and consolidate its leading position in the Spanish financial system.

As in the past, CaixaBank has been entirely willing to negotiate with employee representatives and to hold open dialogue.

Throughout the negotiations CaixaBank has prioritised retaining the largest possible number of employees. The agreement also respects the voluntary principle for accepting the packages.
 
As a result of this willingness to negotiate, CaixaBank and the unions managed to reach a deal in less than a month. Under the agreement only soft measures will be used in the downsizing and there will be no forced dismissals.

Below are the key aspects of the agreement:

• Voluntary redundancy packages for persons born in 1956 or before and for those born between 1957 and 1960.

• Voluntary redundancy packages for other employees. These employees will have a right to gross compensation equivalent to 45 days salary per year worked, up to a maximum of 42 months, plus 4,000 euro gross for every 5 years with the company, up to a maximum of 20,000 euro.

• Voluntary leaves of absence of 3 or 5 years, at the employee's choice.

• Geographic transfer with financial compensation: Maximum of 400 persons for short distance transfers (less than 100km) and a maximum of 400 persons for long distance transfers. These places will initially be offered as voluntary transfers, and should the full number not be reached there will subsequently be mandatory transfers.

The agreement also establishes that any employee choosing to accept the packages will also benefit from an outplacement program, run by an independent firm, including orientation, training, support for job seekers and self-employment planning, as well as help for geographic transfers.