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The Boston Globe

Business

Thousands of layoffs in Spanish banks shakeup

The European Commission on Wednesday approved a payment of $48 billion from the eurozone bailout fund to four Spanish banks on the condition that they lay off thousands of employees and close offices in their restructuring.

Some of the biggest job cuts were expected to be made by Bankia, the giant lender whose collapse and request for $23.88 billion of additional capital last May forced Madrid a month later to negotiate a banking bailout of up to $125 billion.

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