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Report: CaixaBank to cut 7.3% of workforce as it closes branches

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Report: CaixaBank to cut 7.3% of workforce as it closes branches

Spanish lender CaixaBank SA has informed unions that it plans to cut 2,157 jobs, or 7.3% of its workforce, as part of its strategic plan to reduce its branch network, according to Spanish financial newspaper Expansión.

About 1,913 jobs will come from branch cuts, with the remainder coming from support staff, the report said. No jobs will be lost in the areas around the cities of Barcelona, Teruel in eastern Spain, and in the bank's headquarters, the newspaper reported.

CaixaBank had previously said it intended to cut branches in Spain by 821 to 3,640 by 2021 as part of its new strategic plan. However, the report said the bank now planned to close a total of 793 branches.

Expansión also said the lender plans to have 700 store branches, or advisory hubs, by the end of 2021, up from the projected 600 set out in the plan. It is still planning to have more than 1,000 AgroBank branches, designed to service rural areas, in towns with less than 10,000 inhabitants.