The European Commission on Wednesday approved a payment of €37 billion, or $48 billion, from the euro zone bailout fund to four Spanish banks on the condition that they lay off thousands of employees and close offices as part of their restructuring.

Some of the biggest job cuts were expected to be made by Bankia, the giant lender whose collapse and request for €19 billion of additional capital last May forced Madrid a month later to negotiate a banking bailout of up to €100 billion.  Read more