European Foundation for the Improvement of Living and Working Conditions
Abstract
The collective dismissal plan of CaixaBank in 2021 is the largest of the Spanish banking sector and the third largest in the history of the private sector at national level. This last restructuring of the company based in Barcelona is illustrative of the last decade of deep restructuring of the commercial banking sector in Spain. Restructuring has been mostly motivated by regulatory constraints and mergers, together with digitalisation and financial problems in some cases. After three collective dismissal plans in the last six years, Caixabank announced its merger project with the financial services company, based in Madrid, Bankia. Months later, it announced its plan to adjust employment and branch offices to solve duplication problems. The bargaining process provoked the first general strike in the history of the entity and finally resulted in a satisfactory agreement for both parties, reducing the number of affected workers, avoiding non-voluntary leaves, implementing internal relocations as alternative, and proposing economic compensations above the minimum legal.The first section of this case study examines national and sectoral trends in terms of causes of restructuring processes and impact on employment. Section two discusses the background of the company under study and then focuses on the development of the bargaining process, the terms of the agreement, its implementation and the support provided to affected workers. Last section provides conclusions and highlights relevant aspects to consider in similar restructuring cases
