EMCC European Monitoring Centre on Change



Geographic Location

Country: Spain


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 6033

Employment Effects

Announcement Date: 18-02-2020
Planned Job Reductions min: 250
Planned Job Reductions max: 500
Type of Restructuring: Internal restructuring

Additional Information

The bank Abanca will implement an adjustment plan affecting 500 employees, 10% of its current workforce. This adjustment follows the acquisition of Banco Caixa Geral (BCG) last October. However, Abanca stated that the main reason to implement this measure is due to economic and organisational reasons, and to the digitalisation process inherent to the sector. Unions declared to the press that the firm called workers representatives of both companies (Abanca and BCG) to negotiate the terms of the adjustment process. Trade union representatives stated that they hope to achieve a reduction in the number of jobs losses through pre-retirement and voluntary departures measures.