Bank halts office closures in Alicante and re-creates jobs

This is inferred from the latest data published by . Bank of Spain and statistics Social Security, This reflects the sweet moment the industry is experiencing after interest rate hikes rapidly increased organizations’ trading margins and with them their profits.

In the case of Alicante, the latest official census locations Number of branches remaining open: 592 It was presented to the public at the end of last June. On an annual basis, They are 16 fewer than those available on the same date last yearthis already means Lowest number of closings since 2008. But what is most striking is that all these cuts are concentrated in the last half of 2022. The figure remained stable in the first half of this yearSomething that hasn’t happened since the real estate crisis broke out.

To be completely precise, it is worth noting that there were some closures last period – for example, the Bank of Spain has three fewer CaixaBank offices; these represent the final aspects of the realignment carried out after the integration of Bankia – but with the difference that on this occasion, new openings, especially La Mancha Eurocaja, managed to compensate for the closures.

Multiple customers at an organization’s ATMs. Pilar Cortés

In any case, yes, there is stability that comes along the way Up to 1,178 closures have already been recordedMeaning 66.5% of the entire network Entities in the region began to rely on it.

The second good news is that for the first time since the real estate crisis, the Spanish financial system initiated its own privatization through crucis. The sector created employment in the state. Thus, at the end of the first period, different organizations directly recruited. There were 4,676 workers in Alicante; this number was 190 more than a year ago. When auxiliary activities are taken into account, this figure increases to 253.

Although it doesn’t seem like there are many, it’s a stark contrast to the more than 4,200 jobs this business has destroyed in the region alone since 2012, according to the latest Social Security data collected by the Generalitat’s Statistics Portal. Valencia.

Strengthening

As the head of UGT Financial Sector explains, Victoriano MiraveteThis employment recovery that started to be seen in banking is largely new technological profiles organizations are hiring to strengthen these services, but they are also beginning to strengthen these services. improving the equipment of some offices “it was left in the bones.” To this we must also add the specialist managers and more commercial figures involved in the work.

Along the same lines, the union leader thinks that networks no longer support major new regulations unless organizations start leaving larger towns; He thinks this will lead to social unrest and a backlash that the industry is not interested in.

But deputy director and industry expert of the Valencian Institute for Economic Research (Ivie) Joaquin Maudoshas a different view, stating: “Spanish banking It remains one of the busiest in the entire EU In terms of the population it serves,” he therefore predicts that the reduction in the network will continue, albeit at a slower pace, in the future.

Another thing, according to the expert: improving banking margins there is something” less pressure to cut costs and therefore closing offices. However Low profitability remains a problem thus (the sector) exceeds the cost of raising capital.

In this context, Maudos points out that demand is increasingly shifting to online banking and that improving the digital skills of the population will reduce their need for personal attention. Also note that the emergence of new operators offering financial services other than traditional banks is putting greater pressure on the industry to reduce costs.