Caixabank Staff Protest Job Cuts as Chairman’s Pay Could Soar

Caixabank Staff Protest Job Cuts as Chairman’s Pay Could Soar.

Caixabank staff protest job cuts as Chairman’s pay could soar to 1.65 million euros.

Caixabank, Spain’s biggest domestic lender since its recent takeover of rival Bankia, has seen hundreds of employees gather in protest outside the bank’s shareholder meeting. The meeting was held in Valencia on Friday and protesters complained as thousands of jobs are set to be cut.

The Spanish lender could cut nearly one fifth of its staff throughout Spain amid the ongoing coronavirus pandemic which has already hit many families hard. Labour Minister Yolanda Diaz spoke out on Friday to say that it “was not the moment for layoffs.”

Commenting on the crisis she said, “We have to overcome this crisis together and undertake common efforts”.

The Comisiones Obreras (CCOO) union took to social media in order to share video of protesters including some who were seen to wear the faces of Caixabank executives on their masks. The protest took place outside of Valencia’s Palacio de Congresos where the shareholder meeting was being held.

While ordinary folk feared losing their jobs shareholders at the annual meeting decided that the new Caixabank Chairman Jose Ignacio Goirigolzarri, was worthy of a staggering fixed salary of 1.65 million euros. Shareholders voted for this, and even voted for a bonus of up to 200,000 euros too.

According to Reuters, a source confirmed that the Spanish state which still holds a stake in the bank voted against the salary hike move for Goirigolzarri.

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