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Spanish banks to axe jobs in exchange for cash

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Spanish banks to axe jobs in exchange for cash

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The Spanish state bank rescue fund will receive a 35 billion euro boost from European authorities on December 15 in exchange for massive layoffs at the country four nationalised banks.

Bankia is expected to shed 6,000 jobs, Novagalicia 2,000.

One thousand branches look set to close.

Two other banks Catalunyacaixa and Banco de Valencia are to be sold off, with conditions imposed on the buyers.