Economy The Government puts pressure on the banks before a...

The Government puts pressure on the banks before a new avalanche of layoffs: “It has to look for alternatives”

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The Government puts pressure on the banks in the face of a new avalanche of layoffs in the sector linked to the process of restructuring and mergers that entities are facing to mitigate the impact of the economic crisis.

The Economic Vice President, Nadia Calviño, today asked the sector to “reflect and look for alternatives” that do not imply the strong reduction of human capital in its workforce as a cost reduction mechanism.

His words come in the middle of a wave of adjustments in banking, with new plans to cut employees launched by Santander, Sabadell or Ibercaja. To all of them will be added the great adjustment that CaixaBank and Bankia will carry out when their merger is completed. “They are banks that have experience in favoring job restructuring, although it is a process that is taking place in the financial sector in general, as it is immersed in an immense transformation,” he explained.

The economic chief of the Executive has also referred to the process of financial exclusion in which hundreds of rural municipalities are immersed due to the closure of branches. Calvià ± o has announced that the Government will promote, through the Office of Financial Client Protection, programs to strengthen education in this area and promote digital knowledge. His forecast is to re-launch the creation of this office at the beginning of 2021, which has already accumulated years of delay in its entry into operation.

Calvià ± o has appeared in the Congress of Deputies to explain the main points of the absorption of Bankia – in which the State is the main shareholder – by CaixaBank. The vice president has praised the operation listing all the financial ratios that will improve by merging the business of both groups, and has announced that the Frob will have to now reassess your divestment policy to try to recover as far as possible the public aid invested in the rescue of Bankia in 2012.

“The principles of divestment are the same, but we have to reassess our position based on the circumstances to make timely decisions in the coming months and years. This is not the time to set dates and restrict the State’s maneuver if we want to maximize the value of the stake, “he explained.

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