By Nathan Allen

CaixaBank SA (CABK.MC) said Wednesday that it has reached an agreement with unions over a redundancy program that will affect over 2,000 employees.

The Spanish lender said the program will have a pretax cost of around 890 million euros ($996.2 million) assuming all eligible employees sign up.

Around 60% of the layoffs are scheduled for the second half of 2019, with the remainder to be carried out in the second half of 2020, CaixaBank said.

The job cuts should generate annual pretax savings of around EUR190 million, the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 08, 2019 09:02 ET (13:02 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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