CaixaBank SA is planning to cut 8,291 jobs and close 1,534 branches in Spain to save costs and later invest them in its merger with Bankia SA, a representative of the country's largest trade union, the Workers' Commissions (CCOO), stated on Tuesday.
The union said the bank itself provided it with the information and stressed it is the first proposal that can be negotiated. CaixaBank added it was a standard procedure during consolidations of companies. The proposed cuts represent 18.7% of its workforce and 27% of its premises.
CaixaBank and Bankia's merger aims to form Spain's largest domestic lender with assets worth over €650 billion. The country's Prime Minister Pedro Sanchez described the move as "very positive" for the Spanish economy from a "financial and territorial point of view."
