Mexican banks face tsunami of lay-offs

Banorte, Mexico's second largest bank in terms of assets began a trend in July when it dismissed about 500 employees following its takeover of Interacciones.

That was a modest beginning. But later the market leader, BBVA Bancomer announced in December the dismissal of 1,500 employees, some 4 percent of the workforce, as new technology made people redundant.

And in October, Citibanamex paid off 2,000 employees to "simplify" its organizational structure.