The Minister of Finance and Government spokesperson, María Jesús Montero, defended this Tuesday that, if the merger between CaixaBank and Bankia had not taken place, they would be attending “a file [de regulación de empleo] much higher ”than the one presented by the company. CaixaBank’s management announced this Tuesday that, after the integration of Bankia, it intends to cut its workforce by 8,291 people (18.67% of the total) and close 1,534 branches in Spain (27.2% of its network). This cut, the largest in the history of the banking sector, will mean that the new merged entity will go from having 44,400 workers to 36,109.
Montero has been prudent and has preferred to wait to know the specific circumstances of the ERE raised by the entity chaired by José Ignacio Goirigolzarri, but has indicated that if there had been no mergers in the financial sector “and each entity would have carried out the restructuring for its side ”, we would be talking about a volume of casualties that would probably be much higher. “Being aware that it is a large and important file, this could have been much higher if each entity had carried out the restructuring on its own,” he assured at the press conference after the Council of Ministers.
In his opinion, the merger has allowed the company to gain in efficiency and capillarity capacity in Spain to maintain important offices and join a digitization system. Montero has argued that it is “essential” that Spanish banks complete their restructuring processes “so that they are strong internationally” and “play an essential role within the productive fabric.”
At the same time, Montero has called CaixaBank’s ERE “bad news” in a situation in which the Executive is making “titanic” efforts to sustain employment through mechanisms such as temporary employment regulation files (ERTE) and avoid so that “unaffordable” unemployment figures are reached, as occurred in the 2008 crisis. The minister has recognized that the financial sector is a sector in need of reconversion and concentration given the low profitability derived from low interest rates.
“The restructuring of the sector is an unfinished task and Spain must complete it to have strong entities at the community level, but we have to accompany these restructuring processes so that they are done with the least loss of jobs,” he said. “To the extent that the Government can influence, we will minimize any loss of employment in the productive fabric. We will work to minimize these figures ”, he added.
After the absorption of Bankia by CaixaBank, the Government has controlled 16% of the capital of the entity through the Fund for Orderly Bank Restructuring (FROB), which has a seat on the board of directors, which would allow it to influence in the decisions adopted by the entity.
CaixaBank has ruled out early retirement and will try to ensure that the dismissals take place in accordance with the maximum voluntariness and meritocracy. Despite the fact that a large part of the exits were expected to be assumed by the elderly, the bank intends for the adjustment to be balanced and affect 50% of people over 50 years of age and the other 50% of employees below that limit. old.
#Government #believes #ERE #CaixaBank #higher #merger #Bankia