Without Bankia merger, Caixabank layoffs would have been higher, Spanish govt says

A round of more than 8,000 layoffs stemming from Caixabank's cost-cutting plan would have been even worse if the lender had not merged with state-owned Bankia, Spanish government spokeswoman Maria Jesus Montero said on Tuesday.

"Almost certainly if the corresponding mergers had not taken place in these financial institutions, we would be talking about an even higher volume of workers," she told a news conference, adding that all job cuts were regrettable.