欧州行政員会は、BANKIAは6000人、NOVACAIXAGALICIAは2000人、CATALUNYA CAIXAは1000人の従業員の解雇を要求
Despidos masivos en las cajas nacionalizadas
Bruselas exigirá una reducción de plantilla de 8.000 empleados a Bankia y Novagalicia
Las entidades, a cambio de la ayuda, deberán dedicarse a banca familiar en su región de origen
El rescate final será de unos 35.000 millones y llegará al Frob el próximo 15 de diciembre
Íñigo de Barrón / Claudi Pérez Madrid / Bruselas 25 NOV 2012 - 00:00 CET
Layoffs in nationalized banks
Brussels will require a reduction of 8,000 employees to Bankia and Novagalicia
Entities, in exchange for the aid, should engage in banking family in their region of origin
The final redemption will be about 35,000 million and reach the next Frob December 15
Inigo Barron / Claudi Perez Madrid / Brussels 25 NOV 2012 - 00:00 CET
Come curves for Spanish banks. The European Commission established crackdown, bitter and relentless in exchange for bailout money to banks. Executives of the four nationalized financial groups (Bankia, Novagalicia, CatalunyaCaixa and Banco de Valencia) agree that entities receiving European funds will be subject to severe slimming-starting with the template-which have agreed the Spanish authorities and officials Competition area, which is what must ultimately approve all state aid in the EU. "And that punishment will perceive the shareholders, the bondholders, the preferentistas and employees", as explained to this newspaper executives of these entities.
Brussels has nearly completed the document on state aid in the restructuring is agreed. The numbers are already clear. The document estimates assume Brussels prepares a cut of 8,000 jobs in Bankia and Novagalicia-nearly 6,000 in Bankia and the rest in the Galician bank, between direct layoffs and downsizing rigged to the sale or closure of subsidiaries, and the elimination of nearly 1,000 offices, according to sources close to the negotiations confirmed yesterday that European sources. To this figure must be added in 1000 CatalunyaCaixa layoffs, although this may condition Brussels snip sale to a competitor. Since 2008, 22,000 workers have lost their jobs in the boxes, which now employs around 110,000 people. After this pruning, the template of the old boxes will be slightly above the 100,000 jobs.
Not just about layoffs. In return for aid, Brussels wants a comprehensive restructuring, for entities that receive public funds are fully sanitized yet not compete on favorable terms compared to its competitors. The states with the aid must focus their business in their regions of origin and banking family, in a kind of back to basics. And must sell much of the rest of business in no time. CatalunyaCaixa and Banco de Valencia are in the process of auction, so the cuts will be applied to the buyer.
The final plans will be announced shortly before noon on Wednesday. Joaquin Almunia, Competition Commissioner and Vice President of the Commission, made public in Brussels the final document with the conditions that have to implement each of the four entities and definitive capital were injected. The rescue fund, the FROB, will receive the money in Europe on December 15, and will join entities on December 30, in time to balance the books in 2012.
Oliver Wyman tests determined that the required nationalized 43,600 million (59,300 million of which needed the whole sector). But finally, according to sources close to these entities, the final number of grants for nationalized will be close to the 35,000 million. This reduction is primarily due to two factors: first, the money from sales of property assets toxic bad bank lowers capital requirements, and secondly, apply a haircut to the preference shares and subordinated debt, which harms customers but raises capital from banks.
From boxes to foundations
Savings banks that control less than 25% of the capital of banks which pierced his financial business, will become foundations. It will not be for the assemblies, which were his own so far, but the conversion will be required and accelerated over time.
The PP has approved a legal text, published in the BOE last week, by establishing that, five months after the boxes have given up more than 75% of capital to the bank that all created, foundations become special character. Some depend on the state and other autonomous communities.
The most pressing problem is real and how they will fund these foundations as dividends from the bank does not seem a sufficient source to pay for social work, which came to provide billions in 2006 and 2007.
This case directly affects Bankia. Rodrigo Rato, its president, has been spared the bitter pill to convene and discuss the end of Caja Madrid with the assembly, where political parties, trade unions, representing depositors and other organizations. The same thing has happened to Bancaja and five other small boxes rather than the group formed. After management has done with all the assets of the banks, a procedure avoids Rato more than uncomfortable.
Also is this the case CatalunyaCaixa, ie the old boxes of Catalunya, Terrassa and Manresa, like Novagalicia.
It is likely to also affect many entities. Some financial sources believe that, before long, all but La Caixa, Kutxabank, Unicaja and Ibercaja, could be foundations.
The hardest hit will be, long, and Financial Savings Bank and its subsidiary Bankia. It is estimated that the entity should reduce headed Rodrigo Rato between 5,500 and 6,000 jobs out of a total of 20,000. Some 4,500 jobs will be pure cuts, within the entity. The rest will be achieved by selling subsidiaries of the group, including staff. Among the most likely sales are Miami bank, equity fund managers and treasury desk. The Brussels office of the entity goes through focus on the business of commercial banking in Madrid, Valencia and the Canary Islands, Avila, Rioja, Segovia and Barcelona, whence originate the seven boxes that make up the group.
Sales will be provided to the highest bidder. The buyer will decide how many employees continue in their jobs. One of the most profitable subsidiaries which will have to undo Bankia is the wholesale banking, which now generates significant revenue. The cuts will be taking as a starting point the labor reform, which the dismissed charge no more than 150,000 euros per person on average. Ie 300,000 euros less than others dismissed months earlier. However, the conditions of the layoffs will depend on how the adjustment is negotiated within each entity, as European sources.
Novagalicia cut more than 2,000 jobs out of a total of 6,000. Of these, 1,200 work in EVO Bank and the offices of the entity outside Galicia. The group hopes to get private investors to EVO. Like Bankia, Novagalicia should concentrate on their natural territory: Galicia, Asturias and Leon. You can only do retail and SME banking, wholesale and let her have three to four years to sell its industrial portfolio. The Bank also sold Frob Gallego.
Unlike CatalunyaCaixa and Banco de Valencia, Novagalicia auction has not been made to allow time to find private investors, a task that has engaged its president, José María Castilian, and reduce the need for public money, according to sources market. In addition, the box has not been auctioned to avoid taking the market while the three nationalized (Bankia require at least three years to be ready) and also to avoid a pact among major industry (Santander, La Caixa and BBVA) that lowers its price. Political sources suggest a third reason: allow time to Galician powerful president, Alberto Nuñez Feijoo, to try to keep the entity rooted in Galicia.
In the case of Banco de Valencia CatalunyaCaixa and chances are that there is no specific request for personnel cuts are being auctioned. "Europe considers that the reduction of employees and branches depend on who the buyer" say sources in the Catalan club. The first has already reduced its workforce by 1,300 people (now 7,200) and Valencia has eliminated 370 jobs (has fallen by 1,610 workers).
The banking union officials UGT and CCOO, José Miguel Villa and José María Martínez, and executives of the entities, the hardness complain that Brussels and with Spanish banks use the same method as with other European banks . "The Commission, applying the State aid rules, has imposed major European banks rescued the sale of its business in certain countries or subsidiaries. This is what happened with ING, they had to separate its banking business and insurance and disinvest in some countries. In the case of Spanish banks to aid the problem is that they are less diversified, both geographically (they operate only in Spain) and business (almost purely retail). Therefore, the measures imposed by Brussels seem to mostly affect its retail banking, "said Francisco Uria, partner at KPMG. John Aristobulus, banking consultant and former CEO of the Bank of Spain, believes that "it makes sense to limit the sophisticated financial business, so that it is a business entity retail business but not excluding that go together, such as corporate banking."
The question is whether the end pruning is so intense that there is a risk that the dry tree: the key is to return them to profitability, a daunting task in an environment of falling margins due to the effect of falling interest rates . "There is a risk that institutions become very conservative, focused on reducing balances and give very little credit. In the UK, nationalized entities have chosen to grow little, heal the divisions of wholesale banking and investment banking and leave behind everything other than the traditional retail trade business. This even when much more healthy than the four nationalized entities in Spain, "said Vicente Cuñat, of the London School of Economics.
Another key is imposed by Brussels takes it to be applied to customers preference shares. Everyone will be paid in shares, whether listed or unlisted, as is the case Novagalicia. The formula to calculate the removed Brussels will consider the valuation of the entity and the interest rate offered preferred. Thus, the higher the rate, the lower the removed because it is considered that the value is more preferred. In this case, the preferred Caja Madrid (Bankia) will be less punished. The resulting value is improved by removing ten percentage points, as has happened in other countries, suggesting that they are products for retail customers. For Novagalicia, and that figure will increase with another 20 points to offset the fact that actions are delivered in a non-listed company. In the case of subordinate units, the discount is applied depends on the maturity.
With all of this series, is difficult to determine which will remove these assets for clients, but executives estimate that entities will be between 45% and 60%. The CatalunyaCaixa case may be different if the buyer of the entity redeem savings customers more generously to prevent the flight of deposits: that's what I did after acquiring Unnim BBVA. However, the controversy is served. The nationalization of the entities will pay dearly for their customers. And their employees. And ultimately, taxpayers.
Match Reguero worldwide
Amanda Mars
The wave of redundancies in banking worldwide began four years ago. Had to find a starting point would be the fall of Lehman Brothers on September 15, 2008, when the output of their workers with boxes in the arms would go down to posterity as one of the most symbolic of the postal crisis. The financial giant had almost 26,000 employees world-wide, but the tremors of the financial crisis in the next few months were going to relativize this figure. Two months Citigroup announced more job cuts in banking: an elimination of 53,000 jobs, 14% of staff had in then. And next month, Bank of America was dispatched with another 30,000 after integrating Merrill Lynch.
It was the great shock of American banking in the early chapters of the crisis, but in the years following the great American and European institutions have maintained their drip of layoffs. Reuters estimates that only since mid-2011, up to 157,969 layoffs have been announced, but since 2009, are lost and 167,216. Discounting the 83,553 jobs created in this period, the net loss is at 83,666.
The most recent snip has recently announced UBS. The Swiss bank said last October that it planned to "accelerate the implementation of its strategy to transform the group and create the future of UBS." And this, in 2015, 10,000 workers have less than today. The organization is aimed at strengthening its activities in investment banking and focus on their traditional consulting, research, financial, currency and precious metals, and leaving other lines of business, especially those on fixed incomes who have ceased to be a business for the regulatory changes. The workforce will shrink from 64,000 to 54,000.
The two big Spanish banks, Santander and BBVA, have emerged unscathed from this process, although in the case of BBVA itself has reduced box template that has absorbed, Unnim. The Santander Group's workforce increased from 170,961 employees in 2008 to 188,146 in the third quarter of 2012. In Spain, considering the network staff of Santander and Banesto (excluding Santander Consumer Finance and Corporate), the staff has grown from 29,887 to 27,109. In the case of BBVA, the staff gained 108.72 to 117,475 people over the same period. And the increase also occurs if the magnifying glass on the business only Spanish: from 29,070 to 32,042 employees.
Now the cascade of layoffs in the savings banks nationalized, also wrecked in the financial crisis, will swell the numbers. The international trend agrees. The latest report from account supervisor in New York, last October, said the net loss of jobs so far this year reached the 1,200 positions and predicted that the contraction would follow the rest of the year.
0 件のコメント:
コメントを投稿