Spanish lender Banco Popular is set to shed between 2,900 and 3,000 jobs as part of a restructuring plan.

The plan to reduce its workforce includes the closure of about 300 branches out of its network of more than 2,000.

In June 2016, the bank said that it plans to cut nearly €175m in costs annually from 2017.

It also unveiled plans to segregate its property business from the rest of its banking activity to isolate the bad loans that have adversely affected its performance. In May, the bank made a €2.5bn share issue to clean up toxic retail assets.

Banks in Spain have downsized after a property boom went bust in 2008. Earlier this year, Banco Santander, Spain’s largest lender, announced closure of thousands of branches in its home market in a bid to cut costs.