Spanish banks to cut jobs, again

Spanish lenders announced they will have to lay off thousands of workers as profits shrink. Banco Santander SA, the biggest bank in the eurozone, agreed with unions to shed 1,380 jobs through early retirements and voluntary departures, and shut down 450 branches in the country. CaixaBank, the third biggest Spanish bank, plans to cut 484 jobs in the same manner. BBVA and Liberbank expect to close up to 25% of their branches.

Funcas, a network of Spanish savings banks, announced that the sector could cut nearly 15,000 jobs by 2019, closing around 3,000 branches.

The Spanish banking sector, with its dense branch networks, was subject to restructuring after an EU bailout in 2012. As a result, the sector cut 73,000 jobs and 14,741 branches between 2008 and 2015.