June 17, 2021

“The Government understands little what the company is”


The president of CEOE, Antonio Garamendi, affirmed this Monday that “the Government understands little what the company is” in reference to the criticisms of several members of the coalition Executive to the “high salaries” of the bank in this context of staff cuts. The employer’s leader has defended the remuneration of the directors of financial institutions to be “competitive” with other countries. “If we want to compete in a global world, this is what there is,” he has settled.


Work warns BBVA and CaixaBank of their obligation to negotiate to avoid or reduce layoffs by letter

Work warns BBVA and CaixaBank of their obligation to negotiate to avoid or reduce layoffs by letter

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Antonio Garamendi has defended that “banking and any company is in a global world” and that the salary of managers is what it has to be, as the Europa Press agency collects, from statements to the press before participating in a conference in Santander organized by the Association for the Progress of Management (APD).

“It is approved by the general meeting (of shareholders). In this case it was approved by the general meeting and it is the corresponding salary. I believe that it is so”, Garamendi has indicated in reference to the remuneration that José Ignacio Goirigolzarri will receive as president of CaixaBank , three times higher than those charged at Bankia before the merger. The State voted against raising the salaries of the CaixaBank leadership at a time when the bank has proposed the largest ERE in the history of banking in Spain.

The employer’s leader considers that the high remuneration of the managers is adequate. “If we want to go into demagogy, we will play demagogy but if we want to compete in a global world, then this is what there is. You just have to see other European countries. We are European. Let’s play Europe,” added the CEOE leader.

For her part, the economic vice president, Nadia Calviño, insisted this Monday that the salaries of the bank management must take into account the situation of all workers in financial institutions. He has stated that the remuneration of senior managers does not have to depend only on “financial variables, but on the evolution of the situation of workers, the quality of service provided to customers and the contribution they make to society “, he pointed out this Monday in Pamplona at the SER Navarra Forum.

Nadia Calviño has indicated that “the bank has to tackle this reconversion process.” “It has been a sector subject to increasing competition, which faces an environment of low interest rates and falling profitability in recent years, and in this context there must be a clear response from the point of view of the remuneration of executives in this sector, particularly when there are very important employment regulation or layoffs “, stated the vice president, as reported by the Europa Press agency.

According to Calviño, there is a “growing awareness on the part of financial sector managers” regarding this approach to salaries. “I have been saying it for three years with more or less public projection, I hope that message has been received,” he said.

The economic head of the coalition government has assured that she sees “a more positive attitude in the negotiation of the EREs -presented by financial entities-” to try to make them have a less negative impact. The Third Vice President and Minister of Labor, Yolanda Díaz, explained on Friday that The General Directorate of Labor has sent two letters, to Caixabank and BBVA, to remind them that they must negotiate measures that prevent or minimize layoffs. “From the Government of Spain we are determined to point out that these are not times of collective layoffs, that many of these financial entities have received huge public amounts and have benefits,” said Díaz.

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