Three of the four commercial banks that officially qualified March 13 for a capital injection of public funds will cut a total 2,900 employees over the next three years as part of their restructuring plans.

Most of the banks also intend to reduce the average pay for employees and executives. The voluntary restructuring plans were a prerequisite for the banks’ applications for the public money to boost their capital bases. The applications were approved by the Cabinet earlier in the day.

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