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BSCH may slash jobs
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August 2, 1999: 9:01 a.m. ET
Report: Spain's biggest bank to cut more than 10,000 positions
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LONDON (CNNfn) - Spanish banking giant Banco Santander Central Hispano is set to cut 10,000 jobs this year, more than double previous estimates, according to a press report Monday.
The Spanish business daily Cinco Dias reported Monday that Spain's largest bank -- formed from the merger of Banco Santander and Banco Central Hispanoamerico earlier this year -- would dispose of 10,000 jobs this year, rather than the 4,000 previously estimated to be surplus to requirements.
The newspaper reported that 6,000 jobs will go in Spain, with the rest to come from Latin America, citing comments by the bank's deputy chairman Angel Corcostegui. The company has some 102,000 workers worldwide.
BSCH stock slipped more than 2 percent to 9 euros in Madrid Monday.
Separately, BSCH confirmed it plans to sell its 15.8 percent stake in telephone operator Uni2 for $112 million.
BSCH officials could not immediately be reached for comment on the job losses report.
-- from staff and wire reports
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