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| Europe |
| Spain's Bankia to cut 6,000 jobs amid recession concerns for Q4 |
| 2012-11-29 |
| [Iran Press TV] Spain's nationalized Bankia says it plans to cut 6,000 jobs by laying off about 28 percent of its staff over the next three years. The announcement on Wednesday follows a preliminary report on Madrid's overall economy by the Spanish Central Bank suggesting that the country's job-killing recession is expected to persist into the final quarter of 2012. Bankia's decision to make the massive layoffs came after the European Commission (EC) approved a restructuring plan for the bank. Bankia also said it intends to shut 39 percent of its branches by 2015. A spokesperson for the EC said the restructuring "will allow them to become viable in the long-term without continued state support." |
| Posted by:Fred |