CaixaBank Proposes More Than 2,000 Layoffs Under Restructuring -Source

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CaixaBank Proposes More Than 2,000 Layoffs Under Restructuring -Source

   By Nathan Allen

CaixaBank SA (CABK.MC) is proposing making more than 2,000 workers redundant as part of a restructuring program aimed at boosting efficiency, a person at the bank said Thursday.

The bank estimates that its plan, which encompasses closing smaller branches in cities to focus on larger offices that offer more services, will require 2,157 layoffs, the person said.

CaixaBank began negotiating with unions last week and hopes to come to an agreement on the proposal, the person said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

January 17, 2019 08:35 ET (13:35 GMT)

Caixabank (PK) (USOTC:CAIXY)
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