Death of Spain's Zombie Lenders Sends Bank Jobs to Decade Low
- Staff down 30%, number of offices reduced by 37% since 2007
- Cost-cutting drive follows bank restructuring, margin pressure
Pedestrians and shoppers cross a road on a shopping street in Barcelona.
Photographer: Pau Barrena/BloombergThis article is for subscribers only.
Spanish banks are cutting back.
Between 2007 and 2016 they reduced staff by about 83,000 to some 195,000 and shuttered more than 16,000 branches, according to Bank of Spain data. That trend continued into the first quarter, with another 400 closing in the period.