Moncloa will closely monitor the negotiation of the ERE of the bank before limiting the salaries of its directors

CaixaBank and BBVA have begun negotiations amid pressure from the Executive to improve conditions.

Pedro Sánchez and Nadia Calviño, entering the hemicycle of the Congress of Deputies.

Moncloa will remain vigilant with employment regulation records (ERE) of the bank for the duration of the negotiations with the unions. This means that it will keep their public and private pressures for entities to improve conditions and reduce announced layoffs, while continuing with its intention to limit the salaries of senior managers in the sector.

However, it will not be until the end of these negotiations, that in the case of CaixaBank and BBVA they will last for the next two months, when the Government will decide which paths to take.

In other words, these processes will be monitored in the coming weeks. If at the end of them there is no satisfactory result measures would go ahead.

Nadia Calvino, Jose Ignacio Goirigolzarri and Angel Torres

Nadia Calvino, Jose Ignacio Goirigolzarri and Angel Torres

Among these measures is the aforementioned salary limitation for managers and the possibility of rejecting the ERE raised by the Ministry of Labor. In any case, in Moncloa It is hoped that they will not have to reach this point and they trust that the negotiations will lead to a significant reduction in the announced dismissals.

this week so much CaixaBank What BBVA They continue to advance in the negotiations of their respective ERE with the unions.

In the case of the entity that presides Jose Ignacio Goirigolzarri This Tuesday’s meeting has served for CaixaBank to reduce the initial number of those affected by half a thousand, to 7,791 employees.

The bank has decided to relocate 500 workers to group companies, specifically in CaixaBank Tech, the technological subsidiary that manages the entity’s IT infrastructure and develops projects related to digital transformation.


BBVA, for its part, took advantage of this Tuesday’s meeting to present to the workers’ representatives the relocation plan that it will carry out with Randstad to help find work for 100% of those affected by their ERE, which at the moment are about 3,798.

The bank, however, it has not yet proposed to the unions the economic conditions that it will offer to the workers that they finally leave the entity, something that has led them to start organizing mobilizations.

In general, in Moncloa they welcome these small advances and hope that more movements will take place. They consider that they are in line with what they have transmitted to the sector in recent weeks, but they are cautious waiting for events to progress.

As this newspaper already reported, the Executive demands that the entities mitigate the layoffs resorting to formulas that had already been put on the table in other labor restructurings. Among them, facilitating the relocation to other companies, training those affected so that they land in other sectors, better compensation or even bonuses.


It’s time to be creatives”, explained a few days ago sources from the Second Vice Presidency of Economic Affairs, which occupies Nadia Calvin. “Not all the adjustment has to be done through an ERE, the directors have to be responsible”, they sentence.

And it is that Executive has been critical, in public and in private, with personnel restructuring that will result in more than 13,000 layoffs. Therefore, it is launching different messages to the entities to smooth these cuts through other formulas used by large companies in the past.

Some warnings that have also been transferred, explain some sources, to the main managers of both banks, José Ignacio Goirigolzarri and Carlos Torres, presidents of CaixaBank and BBVA respectively.

The second vice president, Nadia Calviño, was the first to be extremely critical of the banking sector after the announcement of the ERE of CaixaBank (8,291 workers affected) and BBVA (3,800 workers affected). This Tuesday he assured that the Government has “been urging” for three years to “actively seek and work on alternatives” and “do everything possible” to avoid layoffs.

José Luis Escrivá, Minister of Inclusion, Social Security and Migration.

José Luis Escrivá, Minister of Inclusion, Social Security and Migration.

Along these lines, the Minister of Social Security, José Luis Escrivá, pointed out that “the leaders of financial institutions must be aware of the extent to which the sector has been protected to avoid greater evils. In this situation, that reflection should inspire any business decision.”

The holder of the portfolio of Work, Yolanda Diaz, and on several occasions. For the third vice president, it is “obvious” that the figures for the salaries of bank executives are “quite striking”, so it would be necessary to “talk less about minimum wages” and “look at those salaries that Sometimes we do not even know the number of what they receive per day”.

Director salaries

In this line, Calviño has put on the table punishing those responsible for banking entities. “I believe that the salaries and bonuses of banking executives must be aligned with the evolution of the sector and the economy as a whole,” he said. And he has urged the Bank of Spain and the European Central Bank to find formulas for it.

Spanish banks, like the rest of those operating in the euro zone, are subject to the supervision of the Banco Central Europea (ECB), so it would be logical for any measure to be taken with effect for all of them, as happened with the restriction on the payment of dividends.

But nevertheless, Moncloa clings to an opinion issued by the Governing Council of the ECB in 2018 in response to a request from the Dutch Executive that would allow it to control the fixed part of the salaries of managers of systemically important banks.

Currently, only Santander is considered an entity of global systemic importance, while BBVA, CaixaBank and Sabadell (as well as the old Bankia) are in the category of entities of systemic importance.