News Spain
The difficulties facing the financial sector in Spain by falling interest rates to minimum Historic has even hit the first bank in the state. According could confirm the ARA, the 19th bank in the world by assets announced to unions at a meeting held yesterday afternoon, a tough restructuring of its workforce. Although there is no specific number of workers affected, the company expects to close to 450 offices in Spain, accounting for 13% of a network of 3,467 branches.
This closure is not the only bad news to which workers will face: the bank’s intention is to transform digitized 350 offices in more centers this year. Finally, the bank presiding Ana Botin also wants to realign its workforce to headquarters.
The Santander in Spain has a workforce of 24,216 employees, and the company sources yesterday avoided to comment on this decision. However, industry sources explained that the restructuring announced by the bank responds to a need to address a “commercial and digital transformation” that will pass bet larger offices and to close the smallest. The same sources confirmed that this will have an impact on employment, but claimed that the figure would be “well below” the 4,000 jobs that they saw different union sources at risk.
financial sources explained that the creation of 350 offices 2.0 in 2016 will be the start of a process that will extend over the next three years to finish creating one thousand . And also they explained that part of the staff currently working in the offices affected by planned closures may be relocated to larger offices.
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union sources explained to this newspaper that Santander’s intention is to reach an agreement with the workers, but already warned yesterday that if this is impossible, apply a record of employment regulation. Financial sources, however, wanted to remember that the way templates are cut in the sector is going through early retirement and voluntary redundancy, which is exactly the path the Santander following the acquisition of Banesto.
The entire Spanish financial sector is suffering the exceptional situation of zero cost of money imposed by the European Central Bank. It has also affected a recovery lower than expected consumption. In addition, banks have been cleaning up their balance sheets by excessive exposure to the property sector, a situation that Santander suffered less than other banks.
No purchase in Spain
the Santander is the only one among large Spanish banks, which do not participate in the procurement process opened in Spain following the crisis. A last minute was, along with BBVA and CaixaBank, CatalunyaCaixa buy candidate, but finally made a lower bid than the Blue bank . That defeat caused a strong internal unrest and the company was forced to throw in your account paid Catalonia Account 1 2 3 to try to gain market share.
In any case, the results of the financial institution born in Cantabria and operational headquarters in Madrid are the proof, for many years, the strength of the bank comes from its presence in other markets. Last year he won 3,426 million euros. 23% of these profits came from the UK, and 19% from Brazil. Spain was the third largest market, with 12%.
source Ara.cat
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