[logan]

Spain is to be loaned €35bn to rescue their state owner institutions but only on condition they axe thousands of staff. Their chances of re-employment in the current climate look grim indeed. Not a good time to be a Spanish banker.

http://www.guardian.co.uk/world/2012/nov/25/spain-bank-aid-job-cuts

[angie]

Wonder what the total number of axed staff will be logan, Spain’s unemployment levels are already sky high? 🙄

[Anonymous]

They probebly got their jobs through contacts and had the attitude of the world owed them a living and/or senior people who were waiting to be sacked so they get a ridicolous amout of pay off. .

[logan]

Much too cynical or harsh Shakeel. Bank employees at the level of these who are likely to be axed are just ordinary people who need employment.
The class of banker you refer to are likely to go on and on and upward because the corrupt system looks after it own.

[Anonymous]

I agree with Shakeel. Those I know who work in the bank work there because of their Papa, Mama or suchlike got them in there…. or because their husband is a bank manager so she ended up as one as well (!?). Others are nice guys, trained as solicitors, but found more work at a bank. Or better, easier pay at the bank? They’ve earn’t enough compared to all but politicians over the past few years so I will join in and not be sad to see many of them go.

The corruption of those at all levels of the banking system is very much to blame. The fact that they earn’t commission for absolutely everything meant that they over-pushed all the products and have left so many people in misery.

On one report I saw that the banks are allowed to take up to FIVE years to get rid of people…. so it’s not a ‘disaster’ compared to so many people who have lost their jobs with no notice.

It’s crazy that the EU are giving money to the banks in the first place without any guarantees. They’ll probably all pocket the cash and then the whole situation will continue as it has been!?

[Anonymous]

It never ceased to amaze me how many bank branches there were (and still are) in El Ejido. I was going to count a few of them one day but never got around to it. However, I guess the number can’t be far off 50+ offices. Absolutely ridiculous!

[Anonymous]

In Mojacar Almeria there are some 20 bank branches each with at least 4/5 members of staff. Totally ridiculous

[Anonymous]

Not quite the horse’s mouth, but close.

http://elpais.com/elpais/2012/11/28/inenglish/1354111890_269226.html

I wonder how the bad bank (Sareb) will deal with all those discounted properties? And what about those ordinary Spaniards who have invested in preferential shares in the banks and now stand to lose almost half their investment? Etc etc.

You can’t call the EU money easy money, and thousands of redundancies and bank closures will hurt a country already in trouble on all fronts.

Spaniards have always had a reputation for keeping their money under the mattress, it seems that they knew their bankers better than the rest of us.

[Chopera]

Paper version of El Mundo says that any resued banks will not be able to give out mortgages (can’t find it on their website though)

[angie]

From the Telegraph today, Bankia’s problems:

http://www.telegraph.co.uk/finance/financialcrisis/9708426/Debt-crisis-Spain-to-overhaul-banking-sector-as-Bankia-cuts-6000-jobs.html

So just this one Bank will have to cut 6000 jobs, 28% of it’s work force. 1100 branches to close and expecting to report a 19 Billion Euro loss this year.

It’s State Aid will top 41 Billion Euros to stave off collapse.

Any of these figures individually are mind blowing let alone all of them together, where do those laid off find jobs or aid, how can these debts be repaid and in what time frame? 😯 🙄

[Author]

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