Spain / Caixabank to cut about 3,000 jobs

CAIXABANK, Spain’s biggest bank as measured by assets under management, plans to slash around 3,000 jobs as part of a restructuring.

The Barcelona-based bank said the restructuring was needed following the purchase of smaller rivals Banca Civica and Banco de Valencia, which has caused its staffing levels to soar.

“The implementation of this restructuring will affect some 3,000 employees,” it said in a statement.

CaixaBank bought Banca Civica and rescued lender Banco de Valencia last year, although the latter has not yet been fully integrated.

It had 32,625 employees at the end of 2012, compared with nearly 27,000 a year earlier, while its network grew by more than 1,000 branches.

Chosen excerpts by Job Market Monitor 

via Spain’s Caixabank to cut about 3,000 jobs | The Australian.