Hundreds of bank employees took to the streets in Madrid to demand a pay rise in light of record profits in 2023 at lenders such as Santander. Banking staff and affiliates of the main unions chanted "our sacrifice, your profits" and waved banners calling for a "recovery in wages and better working conditions". The union CCOO is demanding a 17%-23% pay rise over a three-year period from 2024 compared to banking association AEB's offer of an accumulated 8% increase over four years. Banks and the country's two biggest unions reached an agreement to raise wages of employees in the sector by 4,5% in 2023, but that only partially offsets the loss of purchasing power caused by inflation.
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