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Barclays to shut 100 branches in Spain

Tue 8th Mar 2011

Barclays Plc is planning to close over 100 branches of it's 590 Spanish branches, and make 700 employees, or 17% of its Spanish work force redundant.

This announcement comes just 2 weeks after the Bank announced that profits for 2010 were 32% over initial forecasts but that staff bonuses were still due to be reduced by 7%.

Bad debt for 2010 had decreased in all markets exept Spain, where the value of such debt was placed at 900 Million pounds sterling.

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