20,000 Layoffs in Spanish Banks, 40% Pay Cuts, Pension Contributions Halted; Spanish Ban

IMG Auteur
Published : January 22nd, 2013
357 words - Reading time : 0 - 1 minutes
( 2 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Opinions and Analysis

Spanish banks have already shed 30,000 jobs in ins banking crisis. Another 20,000 cuts are due in 2013, along with pay cuts and reduced pension contribution. In response Spain's Banking Unions Announce Strikes.

Workers at three of Spain's bailed-out banks will stage strikes in coming weeks as they fight mass layoffs, unions said on Monday, spreading industrial unrest to a sector where walkouts have so far been rare.

While the banks, crippled by a property bubble that burst five years ago, have hogged headlines, employees have so far mostly kept a low profile even as protests become a way of life elsewhere in Spain.

But about 20,000 layoffs planned for 2013, almost 10 percent of the total, could reduce the workforce to levels last seen in 1975, data from the unions showed.

Alarmed at the scale of cuts, employees from across the industry will demonstrate on January 23, while workers from Bankia, Banco de Valencia and NovaGalicia Banco will strike on February 6 and hold partial strikes before then.

Protests are snowballing and becoming more visible, as bankers take to the street and join judges, doctors, bus drivers and garbage workers as strikes become almost a daily occurrence across recession-bound Spain.

As well as losing their jobs, workers at the likes of Bankia are being asked to take 40 to 50 percent pay cuts and many will see pension contributions halted for several years.

Many of Bankia's more than 20,000 employees also bought shares in its listing in June 2011 and face seeing their savings practically wiped out.

The deadline for negotiations between unions and Bankia is Feb 9.

Spain's banks have shed over 30,000 jobs since the start of the global financial crisis in 2007, data from the Comisiones Obreras union showed. With about 20,000 more set to be axed in 2013, the banking workforce could drop to 218,500 by year end.
When's the Breaking Point?

With 26% unemployment and rising, as well as corruption and fraud at the highest levels in government, I keep wondering when the breaking point will hit Spain.

All I can suggest is some time in 2013.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Data and Statistics for these countries : Spain | All
Gold and Silver Prices for these countries : Spain | All
<< Previous article
Rate : Average note :5 (2 votes)
>> Next article
IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
State of Failure
11 AprThe Recusant1
My, my...James's article almost sounds as if Trump himself might have gassed the people as a deflection and not Syria at all! Why...why...that's co...
State of Failure
09 AprGypsy
The STOCK MARKET trend has been DOWN. In fact, the word after Friday's Crash was "Standby for Monday." In a Moment of Severe Stress, the so-calle...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
05 Aprsirqitous
Seen realistically, however, this was money well spent for TPTB, even if they never get that loan repaid! As free advertising for the MSM cover st...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
03 Aprprljr
The really really really really unfortunate thing is that there are people and i use that word "people" lightly, are for no other explanation that ...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
28 Marprblmsolved
The really unfortunate thing about this story; For that kind of money he probably could have hired someone with access to a modern performance ...
East Continues Stacking Gold While The West Stacks Paper Illusions
24 Marprljr
If a countries cartel owned private Central Bank acquires the Gold with cartels bank money for the country it supposedly represents who actually ow...
Russia Did It!
23 Marprljr3
I have not trusted whatever the US government has reported,said,demanded since 911. The government ignored the laws of physics in explaining pretty...
Russia Did It!
23 Markevthorne4
One of the most sensible, level-headed articles I've read on this subject for a long time.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS