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Report: Novo Banco set to reduce staff in Spain by around 34%

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Report: Novo Banco set to reduce staff in Spain by around 34%

plans to make 145employees in Spain redundant prior to its sale, representing around 34% of its430 staff in the country, Cinco Díasreported April 5.

In addition,the Portuguese lender will close nine branches from a total of 35 it has inSpain.

NovoBanco, the good bank carved out of Banco Espírito Santo SA in a 2014 central bankintervention, must be fully sold by August 2017.