Spain: preagreement on the merger of three savings banks rules layoffs out

the three savings banks involved in the merger of Caixa Catalunya, Caixa Taragona and Caixa Manresa signed, on November 26, a draft agreement providing for 1,300 job cuts via voluntary leave and early retirement. (Ref. 091083)

The first negotiating phase between the three Catalonian financial entities ended with a substantial improvement of the impact of their mergers, unions say. In the end, the restructuring will lead to 1,300 job cuts, i.e. 30% less than this initial plan which provided for