Spanish bank Banco Popular to cut up to 3,000 jobs

Spanish bank Banco Popular will cut between 2,900 and 3,000 jobs as a part of a restructuring plan, the bank reported on Tuesday.

The bank also pointed out that it has 1,700 workers aged 59 years old or more.

The bank said it would close around 300 branches around Spain, taking into account their profitability per worker. It would also reduce opening hours of its branches in small towns. The bank aims at improving profitability and efficiency in a new digital era, it said.

Banco Popular had announced in July it planned to reduce the number of employees by around 16 percent and 20 percent, including a plan for early retirement.

The bank reported 94 million euros(104.97 million U.S. dollars) of attributable net profit in the first half in 2016, which meant a 50 percent fall when compared with the same period of a year earlier.

Source : XINHUA