Since this town of 544 inhabitants in Spain’s rural northwest lost its only bank, 87-year-old Manuel Rodríguez García must go five miles down a winding road to the nearest big community to withdraw cash.
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José Luis Nueno, a professor at IESE Business School in Barcelona, said the financial crisis in Spain created “a trigger to do the restructuring that should have happened years ago.”
But banks need to keep trimming, he said. Spain remains, Mr. Nueno said, “overbranched.”
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By Jeannette Neumann published in Wall Street Journal, January 28, 2015
