Spain's Caixabank proposes laying off over 2,000 workers: source

MADRID (Reuters) - Spain's third-largest bank Caixabank (OTC: CABK) has proposed to unions the layoff of 2,157 workers, or around 7 percent of the total workforce in Spain, as part of its restructuring plan, a source at the bank said on Thursday.

The lender said on Nov. 27 it planned to cut almost a fifth of its branches in Spain over the next three years in a drive to boost profitability while pursuing its digital transformation.

"The restructuring plan will generate a labor excess that Caixabank estimates at 2,157 people," the source said.

(Reporting by Andres Gonzalez; Writing by Paul Day; Editing by Andrei Khalip)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Citi profit jumps 45% on investment banking, trading strength
• Morning Bid: Oil boils
• Russian anti-war politician says Kremlin is bent on stopping his election run