Several hundred employees within the banking sector in Madrid gathered this Thursday to apply pressure on the major financial employers groups—AEB, CECA and Unacc. The demonstration targeted the three primary branches of the sector: banks, former savings institutions, and cooperative credit entities. The unions argued that the response from employers at the bargaining table has stalled, prompting demands for meaningful salary increases that reflect the rising cost of living and the broader economic pressures facing financial professionals. They emphasized that the push for stronger collective agreements and better working conditions is in the best interest of the industry as a whole, as articulated by representatives from CCOO, UGT and FINE at the mobilization.
Protestors began in front of the CECA headquarters, then moved to the Bank of Spain, and continued onward to sites associated with Unacc and Abanca, finally concluding in front of the BBVA Foundation. The unions have outlined contingency plans should negotiations stall, including the potential for staged partial unemployment and scheduled 24-hour strikes on February 26 and March 22. Their plan centers on securing salary increases and financial protections that align with the sector’s profits and lending practices, with a focus on alleviating the pressure on staff. They also pressed for reductions in the impact of rising Euribor rates on workers, arguing that improvements in screening of loan practices and a healthier workload balance are essential to preserving a sustainable work environment amid ongoing commercial pressures and rising staff shortages.
During the talks, unions formalized demands for a 9 percent salary increase this year, followed by 4 percent in 2025 and 2026, plus 1 percent linked to inflation and 1 percent tied to the profits of the organizations. Employers countered with more modest offers, proposing raises of 3 percent and 1.5 percent, depending on the year and the sub-sector involved. The next negotiating sessions were scheduled for February 20 for savings banks, February 29 for banks, and March 7 for cooperatives. The participants aimed to bridge gaps by focusing on fair compensation, sustainable wage growth, and realistic adjustments in the face of fluctuating market conditions.
Unions stressed that their commitment to swift negotiations aimed at delivering immediate relief for workers did not diminish their resolve. They noted that the talks occurred after the sector had reported record profits in 2023, yet the offers from employers seemed far removed from the gains reflected in those numbers. The unions asserted that the response to profitability should not come at the expense of workers’ purchasing power, pointing out that executive compensation, dividends to shareholders, and other high-margin gains have intensified while frontline staff face mounting financial strain. They argued that wage growth should reflect the realities of the industry, including investments in staff development, health and safety, and a more stable workload in an environment of rising interest rates and consumer pressures. [Citation: Spanish banking unions, 2025]