BEIJING, Feb. 26 (Xinhuanet) -- Spain’s biggest bank says it plans to cut around 3,000 jobs as part of a restructuring. The Barcelona-based Caixa Bank says the move is needed following the purchase of smaller rivals which has caused its staffing levels to soar.

Spain’s real estate market crashed in 2008, leaving lenders awash with bad loans and prompted a wave of consolidation and hefty job losses. Last month Spanish bank workers staged nationwide protests over the tens of thousands lay-offs in the industry, and against top executives they hold responsible.

(Source: CNTV.cn)