January 17, 2019 / 12:43 PM / in 3 months

Spain's Caixabank proposes laying off over 2,000 workers: source

FILE PHOTO: CaixaBank's new headquarters in Valencia are pictured in Valencia, Spain, October 24, 2017. REUTERS/Heino Kalis

MADRID (Reuters) - Spain’s third-largest bank Caixabank (CABK.MC) has proposed to unions the layoff of 2,157 workers, or around 7 percent of the total workforce in Spain, as part of its restructuring plan, a source at the bank said on Thursday.

The lender said on Nov. 27 it planned to cut almost a fifth of its branches in Spain over the next three years in a drive to boost profitability while pursuing its digital transformation.

“The restructuring plan will generate a labor excess that Caixabank estimates at 2,157 people,” the source said.

Reporting by Andres Gonzalez; Writing by Paul Day; Editing by Andrei Khalip

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