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...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login

More on Multi-asset