Spain - Banks announce more job cuts - May 31, 2016

Several banks, which slimmed down after the property boom went bust in 2008, are once again closing branches and slashing jobs as their profitability is hit by stiff competition. The plans of Santander, the Eurozone’s biggest bank by market capitalisation, to close 450 smaller branches and cut 1,400 jobs were already reported in the April Newsletter. Barcelona-based CaixaBank, the country’s third-largest bank, plans to cut 500 of its 32,500 jobs through early retirement agreements as it seeks to trim its salary costs. Trade union UGT expressed the fear that this is not the end of the job cuts in the banking sector.

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