Unicaja has opened negotiations with the unions to reduce staff costs by €51 million (20%) within the next two years.
The bank is keen to negotiate a deal with the unions but has reportedly not ruled out other measures, such as ERE, if no agreement can be reached. Unicaja was one of the few banks which did not need restructuring or a bailout.
Negotiations are at an early stage and another meeting has been scheduled for September 25th. It is reported that the unions favour the ‘early retirement’ scenario as a possible means of achieving cuts in staff costs.