6,000 job cuts and 1,100 Bankia branches to close in €36.9 billion bailout

ONE of the biggest banks in Spain has announced it will be cutting 6,000 jobs in an attempt to return to profit by 2013.

Bankia, which is expected to report losses of €19 billion this year, is also set to close 1,100 branches across Spain as part of emergency restructuring.

The bank is one of four Spanish banks (Novagalicia Banco, Catalunya Banc, Banco de Valencia) to receive a bailout totalling €36.9 billion from its Eurozone partners.

Bankia’s shares were recently suspended from trading on the stock market.