Since the start of the financial crisis in Spain in 2008 and the subsequent enforced restructuring of the financial institutions, the savings banks have reduced their workforce by 23,450 employees and 4,587 branch offices have closed according to the Spanish Confederation of Savings Banks (CECA).
These figures are likely to increase further following the conditions imposed by Brussels on Bankia, Novagalicia Banco and Catalunya Banc for a €33.486 billion bailout and the injection of €1.865 billion of capital into BMN, Liberbank, Banco Ceiss and Caja 3.
Bankia is expected to shed up to 6,000 staff to comply with the bailout conditions.