Spain’s Banco Popular Reaches Union Agreement for 2,592 Job Cuts
- Plans seeks to yield up to 200 million euros in annual savings
- Company has said it will improve profitability, efficiency
A street cleaner works by the headquarters of Banco Popular Espanol SA in Madrid, Spain, on Tuesday, Oct. 2, 2012. Banco Popular Espanol SA is defying the findings of Spain's bank stress tests as it seeks new money from Allianz SE and other investors to plug a capital shortfall.
Photographer: Angel Navarrete/BloombergThis article is for subscribers only.
Banco Popular Espanol SA said it reached an agreement with union representatives to reduce its workforce by 2,592 employees as Chief Executive Officer Pedro Larena presses ahead with a business overhaul.
The cuts will cost about 375 million euros ($417 million) and eventually yield annual savings of 175 million euros to 200 million euros, the Madrid-based lender said Sunday.