Caixa bank expected to lay off workers

THE Caixa bank is planning to dismiss around 10 per cent of its workforce.

As Spain’s unemployment rate reached a record 26 per cent in the fourth quarter, the number of unemployed is expected to continue growing. Troubled banks are to close branches as part of an agreement to receive European Union aid, laying off thousands of workers. 

Caixabank SA (CAIXY) may lay off between 3,000 and 4,000 employees, Bankia and three other nationalized banks are planning to eliminate some 10,000 jobs.