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Bankia to limit job cuts

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Bankia to limit job cuts

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Nationalised Spanish lender Bankia has agreed to lay off fewer staff.

Talks with unions saw the total reduced by 400, to 4,500. Those who are leaving will get better than originally offered payoffs.

The jobs cuts, together with the closure of around a third of its branches, were part of the deal reached in November with the European Commission with put up 18 billion euros to rescue Bankia, which was hammered by the collapse of the Spanish property market.

The unions have also agreed to wage reductions for a limited time for remaining staff.