Staff Adjustment due to the Merger Between CaixaBank and Bankia…

Bankia and CaixaBank are negotiating a possible merger operation to increase their profitability in the current context of the coronavirus crisis and negative interest rates. Different analysis firms have agreed that the operation makes strategic sense and will allow both entities to save costs, assuming that it will imply a major office adjustment that will foreseeably affect employment.

Union sources consulted by Europa Press advocate prudence when calculating the possible workforce surplus, as both entities are still immersed in the due diligence process, which will allow them to have all the data to decide whether to proceed with the merger -which is the most predictable- and in what terms, and also foresee that a merger of this size will take “two or three years” to digest.

The workers ‘representatives have not yet met with the management of CaixaBank or Bankia, nor do they expect to do so until the transaction is approved, first by the boards of directors and then by the extraordinary shareholders’ meetings, which taking into account the deadlines Legal will not meet, at least, until mid-October.

From the unions they assure that they will turn to preserve employment and that they will request non-traumatic measures for the workforce of both banks. In fact, they are committed to taking advantage of the operation to provide more staff to the offices that are maintained to improve customer service.

The latest Employment Regulation Files (ERE) of the Spanish banking sector recorded more requests for membership by employees than the departures that had been agreed. In the specific case of CaixaBank, requests exceeded by 33% the more than 2,000 withdrawals foreseen, which would lead to think that a new adjustment would also be welcomed by the workforce.

However, union sources warn that everything will depend on the conditions of a new adjustment being similar, with good exit conditions and early retirement.

In this sense, the templates could run into the Government’s plans to discourage early retirement, as proposed by Minister José Luis Escrivá during his appearance before the Commission for Monitoring and Evaluation of the Toledo Pact Agreements in the Congress of Deputies.