The Comfia-CCOO and FeS-UGT unions reached an agreement with the management of the banking group born after the merger of ailing regional savings banks. They lifted their strike notice, thus putting an end to the conflict started last month when the management presented a short-time working program. Unions defended the balancing of efforts for all employees, cutting working time, pay and social benefits, to avoid suspending the contracts of 30 percent of the group’s staff. Liberbank is turning the suspension of 1,332 temporary contracts into 775 working time cuts, and 1,000 planned working time cuts into 770. (Ref. 130432)
Mandatory restructuring program. Liberbank Group, born from the merger of ailing regional savings banks (Cajastur in Asturias, CCM in Castile-La Mancha, Caja Cantabria in Cantabria and Caja Extremadura in Extremadura) is one of the Spanish financial entities that received public funds. The group received €124 million from the European Financial Stabilization Mechanism in 2012, with the obligation to submit a restructuring plan with staffing cuts, with the aim of saving €100 million on operating costs.
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