The thirty bank mergers executed since 2009 and the reforms carried out by the last two administrations demonstrate the biggest effort made to improve the Spanish banking sector in recent history. Despite these big changes, more work lies ahead, because some banks still have too many managers on payroll.
So much so that major Spanish banks have only cut 6.5% of their top positions while payrolls at smaller banks and savings banks have been slashed by 15.6%. The discrepancy is hard to justify to the Spanish people, who feel too their marrow the effects of cutbacks the country is making in order to recovery from the banking sector's excesses.
