Inactive Instrument

Bankia

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BKIA

ES0113307062

Bankia S A : Spain's Caixabank expects to reach job cuts deal with unions by end of second-quarter

March 26, 2021 at 04:40 am EDT

MADRID (Reuters) - Spanish bank Caixabank expects to reach a deal with labour unions on job cuts related to the merger with smaller rival Bankia by the end of the second quarter, CEO Gonzalo Gortazar said on Friday.

"We expect to start talks with the unions after Easter ... and close negotiations by the end of the second quarter," he told reporters on Friday.

Gortazar decline to estimate how many jobs the bank intends to cut.

(Reporting by Emma Pinedo, Editing by Inti Landauro, Ingrid Melander)

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Company Profile

Bankia, S.A. is a banking group organized around three areas of activity: - retail banking (63.5% of Net Interest Income): sales of standard and specialized banking products (consumer credit, insurance, etc.); - business banking (19.7%); - other (16.8%). At the end of 2019, the group was managing EUR 124.8 billion in current deposits and EUR 117.4 billion in current loans. Products and services are marketed via a network of 2,275 branches located in Spain.

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