EMCC European Monitoring Centre on Change



Geographic Location

Country: Spain


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 5302

Employment Effects

Announcement Date: 11-02-2020
Planned Job Reductions min: 750
Planned Job Reductions max: 750
Type of Restructuring: Internal restructuring

Additional Information

The bank Ibercaja has announced to workers representatives a workforce adjustment plan affecting up to 550 employees (10%  of the workforce) and the closure of 160 offices (15% of total). The company argues the adjustment is due to economic and productive reasons. Unions demand voluntary retirements plans together with decent dismissal conditions, and that the remaining employees should not be forced to change work location. 

This plan follows the collective dismissal that Ibercaja implemented in 2017 (that affected to 590 employees and closured 140 offices). After that process, the company agreed with unions not to implement new adjustment plans until January 2020.

Update 29/5/2020: Ibercaja and unions have agreed to cancel the adjustment workforce plan because of the current economic uncertainty due to the impact of the COVID-19 crisis. Therefore, the company has announced that they will cancel the negotiation process, although Ibercaja informs that a new adjustment plan can be implemented in the future once the situation changes.

Update 08/01/2021: Ibercaja and unions (CC. OO., Apeca Fine, ACI and Asipa) have agreed a collective redundancy plan continuing the previous restructuring process cancelled by the outbreak of the Covid-19 crisis. This plan affects 750 employees (mainly through early retirement and voluntary leaves), in addition to involving the closure of 199 offices. In regard to compensatory conditions, workers born between 1961 and 1963 will be compensated with 85% of their salary until they reach 63 years of age. As for the rest of those affected, those born before 1961 and those born in 1964 will receive 75% of their salary, while those born in 1965 leaving will receive 65% of the salary. Younger employees who wish to leave voluntarily will receive their wages for 24 months.