CaixaBank's Q2 net profits plunge due to €685m lay-off deal costs

Eugenia Jiménez
clock • 2 min read

Spanish lender CaixaBank has posted a 85% drop in second-quarter net profits to €89m due to one-off restructuring costs of €685m. The €685m costs are related to the bank's lay-off deal reached with its unions during the second quarter of the year, which has affected 2,023 employees. The lay-off, or state-sponsored redundancy schemes in Spain ((Expediente de Regulación de Empleo, ERE), enables companies to collaborate with the trade unions to regulate working hours, close for short periods and carry out collective dismissals. "The Group's net profit is essentially impacted by the lay-o...

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