Spain's central bank to close retail offices

SPAIN - Banco de Espana, Spain's central bank, intends to close down several of its 52 regional offices across Spain in order to reduce costs. At present, the authority operates one branch in every provincial capital of the country. Management intends to run only one branch in every autonomous region of Spain in the future.

Spanish trade unions claim that the measure will affect as many as 30 to 35 of the branches and will result in 500 job cuts. The majority of Banco de Espana's regional offi