Caixabank, Spain’s third-largest by assets, is set to cut 3,000 jobs as part of a major restructuring.
Caixabank said that restructuring was necessary to improve efficiency following the purchase of smaller rivals in 2012, which had caused staffing levels to soar.
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In 2012, Caixabank purchased Banca Civica, Caixa Girona and Bankpime and agreed to buy Banco de Valencia.
Caixabank’s workforce rose by 21% from 26,993 in 2011 to 32,625 in 2012.
The number of branches increased by 22% from 5,196 in 2011 to 6,342 in 2012.
CaixaBank said it had started a negotiation period with trade unions on how to carry out the cuts, which could be ongoing until April 2013.
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