Caixabank, Spain’s third-largest by assets, is set to cut 3,000 jobs as part of a major restructuring.

Caixabank said that restructuring was necessary to improve efficiency following the purchase of smaller rivals in 2012, which had caused staffing levels to soar.

In 2012, Caixabank purchased Banca Civica, Caixa Girona and Bankpime and agreed to buy Banco de Valencia.

Caixabank’s workforce rose by 21% from 26,993 in 2011 to 32,625 in 2012.

The number of branches increased by 22% from 5,196 in 2011 to 6,342 in 2012.

CaixaBank said it had started a negotiation period with trade unions on how to carry out the cuts, which could be ongoing until April 2013.


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