Bank / Credit Union
Spain's BBVA bank to cut 3,800 jobs
April 23, 2021
BBVA bank is cutting 3,800 jobs — 16% of the banking staff — in its home market of Spain and closing 530 branches, according to the union, Comisiones Obreras. These cuts and closures come at the time when banks globally are adapting to a shift by consumers to online banking, according to an reportin Nasdaq.com
BBVA had previously said to reporters that layoffs would take place both at its corporate center and across its retail network in Spain. The bank has about 29,300 employees in Spain.
BBVA's Chairman Carlos Torres told shareholders that the upcoming restructuring plan was needed to secure future sustainability of the bank.
Spanish and European lenders are pursuing different alternatives to cut costs, either through tie-ups or on a standalone basis, as they also grapple with the effects of ultra-low interest rates and the impact from the COVID-19 pandemic.
