MADRID (Reuters) – Banco Popular (MC:) said on Wednesday that of the approximately 2,900 people who will be affected by the cutout template that is going to make the bank more than 1,800 will be early retirement.
The group launched this statement after a meeting with the trade unions, which addressed the restructuring, a measure that Popular looking to improve their profitability and that will lead to the closure of approximately 300 branches.
When he announced the size of the cut, the bank had already suggested that an important part would be in early retirement by indicating that about 1,700 of its 15,000 employees were 59 years or more.
With this haircut, the bank, the most exposed of the quoted to the Spanish housing downturn, looking to save around 175 million euros a year from 2017.
Despite the fact that the Spanish financial sector has cut about one-fourth their number of employees and has closed a third of its offices between the peak of the crisis in 2009 and December 2015, Spain is still among the european countries with the most branches per capita in a time of declining profit margins.
Spanish banks also face, as in other countries, the growth of online banking and transactions on mobile devices, as well as to the increased cost of the regulatory requirements to strengthen their capital and improve risk control.
(Information for Tomas Cobos; Edited by Emma Pinedo)
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