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BANKING SECTOR

Nationalized Catalunya Banc to shed third of staff

Former savings bank planning to shut down commercial network outside of home region

Catalunya Banc executives on Tuesday unveiled plans to lay off 2,453 workers with the minimum compensation set by the new labor reform: 20 days’ pay per year worked, with a maximum of 12 installments.

The labor adjustment plan affecting the nationalized bank means reducing the workforce from 7,200 to 4,700, a move that is opposed by the unions. Sources in the company union said that remaining workers will be asked to accept measures ranging from pay cuts to transfers. Earlier this month the former savings bank, which still uses the name Catalunya Caixa, sold off its real estate concern, CX Inmobiliaria.

The group is also planning to shut down its entire commercial network outside Catalonia, as well as closing around 118 branches in the northeastern region.