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The merger between CaixaBank and Bankia anticipates a severe downsizing


The merger between CaixaBank and Bankia anticipates a hard downsizing for the resulting entity, which will have about 51,600 employees, almost 35,600 workers of CaixaBank and some 16,000 of Bankia. However, CaixaBank's Spanish workforce has some 27,500 employees, so the total figure is reduced to about 43,500.

According to the British bank Barclays analysts, the future 'CaixaBankia' will close 23% of its network, which currently has some 6,100 offices in Spain, (3,800 from CaixaBank and 2,270 from Bankia). Your valuation implies the closure of some 1,411 branches, which will inevitably have an impact on the squad.

Unions have already been quick to warn of possible layoffs, though they also acknowledge that thinning the current workforce is inevitable. "Assuming the 50% of employees is reduced by closed branch (the average scenario), restructuring costs could be slightly higher than 1,000 million euros, with a potential annual saving of almost 500 million euros ", they point out from Barclays.

Each bank branch in Spain has, on average, 6.5 employees, therefore, assuming the Barclays calculation, the closure of 1,411 branches would entail the dismissal of some 4,585 employees, approximately 10.5% of the workforce.

As a reference, Bankia carried out a Employment Regulation File (ERE) of 2,000 jobs when he joined Banco Mare Nostrum (BMN) in 2018, after initially calculating the departure of 2,500 workers. Finally, out of a total of 17,756 employees, the ERE affected the 11% of the workforce, in front of 14% initially proposed.

Applying a similar ratio to the 43,500 employees of both entities in Spain, the first calculations would point to dismissal of about 4,785 workers, a figure that would allow obtaining the cost synergies that both entities expect from the merger, which has yet to be definitively closed.

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