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Caixabank staff protest Spanish layoffs as executives’ pay divides shareholders

Hundreds of Caixabank (CABK.MC) employees gathered outside the Spanish lender’s shareholder meeting in Valencia on Friday to protestits plans to cut nearly a fifth of its staff in Spain,while some retail investors complained about executives’ pay.

Video released on social media by the Comisiones Obreras (CCOO) union showed people, some wearing masks with faces of Caixabank executives, protesting outside Valencia’s Palacio de Congresos, where the meeting was taking place.

Some were shouting: “They triple it (their salaries) and take it away from us.”

A spokesman for the union said earlier this morning thathundreds had turned up to protest against the bank’s layoff plans.

Shareholders nevertheless backed a hefty salary proposal for new Caixabank Chairman Jose Ignacio Goirigolzarri, while the Spanish state, which holds a 16% stake in the lender, voted against it, a source with knowledge of the matter said.

Caixabank did not provide details on how shareholders voted.

reuters

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