Caixabank to layoff 13% of staff following agreement with unions

Caixabank will lay off 6,452 workers in Spain, accounting for 13% of the bank’s staff, following an agreement with unions.

With Caixabank merging with Bankia last March to create Spain’s largest financial institution, the resulting layoff is also set to become the largest ever done by a Spanish lender.

Initial layoff plans threatened 8,291 workers, 18% of the total.

In Catalonia, where Caixabank was originally founded and based, 608 workers will get fired. 

The Spanish regions most affected by the layoffs are Madrid (1,286 workers), Andalucia (911), and Valencia (793), the latter currently hosting Caixabank’s headquarters after it left Catalonia at the peak of the independence crisis in 2017.

Following its merger with Bankia, Caixabank now boasts around 20 million clients (10 million digital), €623.8 billion in assets and market capitalization of over €20.5 billion. Moreover, Caixabank holds the leading position in the market shares for deposits (24%), loans (26%) and long-term savings (29%).