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Banca Civica Studies Plan to Cut 1,100 Jobs, Expansion Reports

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Nov. 21 (Bloomberg) -- Banca Civica SA is studying a plan to eliminate 1,100 jobs, or 14 percent of its workforce, to reduce costs, Expansion reported, citing unidentified people in the financial industry.

The bank is still looking for alternative ways to cut costs, such as asking staff to accept pay cuts and reduced working hours, the newspaper said.

To contact the reporter on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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