I know I mentioned this earlier, but, this just strikes me as strange. If anyone should know about the need to cut overhead, the bankers should.
MADRID (Reuters) – Workers at three of Spain’s bailed-out banks will stage strikes in coming weeks as they fight mass layoffs, unions said on Monday, spreading industrial unrest to a sector where walkouts have so far been rare.
Spain was forced to ask Europe for up to 100 billion euros ($132.9 billion) to help its weakest banks last year and four of the lenders it took over, including Bankia <BKIA.MC>, have to cut thousands of jobs and shrink their balance sheets as a condition of their rescue. …..
But about 20,000 layoffs planned for 2013, almost 10 percent of the total, could reduce the workforce to levels last seen in 1975, data from the unions showed – the year dictator General Francisco Franco died, marking the start of the country’s transition to democracy.
I don’t know what they’re protesting about. The banks had to beg for money and agreed to the cuts in order to get the money. Now they’re going to protest?