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Deutsche Bank planning job cuts in Spain, union says

Deutsche Bank AG is planning to close 12 branches in Spain and lay off 49 people at its retail division in the country, a union representing the bank's Spanish employees said Oct. 22.

The union said it was part of Deutsche Bank's plan to reduce its headcount by 18,000.

The bank employs 2,400 people in Spain, according to news agency Europa Press. The branch closures will bring its number of branches in Spain to 169, it said.