Spanish lender CaixaBank has reportedly offered to reduce planned redundancies following protests and one-day strike by the workers.

According to a Reuters report, the lender has proposed a new offer that will reduce the number of layoffs to 6,950. The new offer also improves compensations for separations.

This comes after Caixabank announced plans in April to axe more than 8,000 jobs amid increase in digital banking.

The negotiations between the bank and unions will continue until 29 June. Earlier this week, Spanish Economy Minister Nadia Calvino said that she expects that the two parties hoped will reach an agreement regarding layoffs.

Spanish union Comisiones Obreras (CCOO) demands voluntary redundancies and claims greater financial compensation. A CCOO spokesperson did not provide their viewpoint on the Caixabank latest offer, when approached by the news agency.

Caixabank acquired local rival Bankia earlier this year.  The deal created one of the largest lenders in the country with more than €650bn in assets.

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By GlobalData

Subsequently, Caixabank announced redundancy plans that also involved reducing its brick-and-mortar presence in Spain.

In the first quarter of this year, CaixaBank’s underlying net profit increased to €514m ($620m). The figure was €90m in the same period a year ago.

It also ended the first quarter with an increase of 47% in total assets to €663.6bn.