Caixabank Reaches Agreement With Union on Layoffs
May 08 2019 - 9:17AM
Dow Jones News
By Nathan Allen
CaixaBank SA (CABK.MC) said Wednesday that it has reached an
agreement with unions over a redundancy program that will affect
over 2,000 employees.
The Spanish lender said the program will have a pretax cost of
around 890 million euros ($996.2 million) assuming all eligible
employees sign up.
Around 60% of the layoffs are scheduled for the second half of
2019, with the remainder to be carried out in the second half of
2020, CaixaBank said.
The job cuts should generate annual pretax savings of around
EUR190 million, the company said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
May 08, 2019 09:02 ET (13:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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