Spanish financial institution BBVA to start out talks on chopping jobs on Friday
MADRID, April 13 (Reuters) – Spanish financial institution BBVA will formally launch negotiations on Friday to chop employees in Spain to higher address stubbornly low rates of interest and a transition to on-line banking, a. she introduced Tuesday in a letter to staff.
BBVA, which declined to reveal the variety of jobs prone to be affected, stated layoffs would happen each at its company middle in Madrid and at its retail community in Spain.
The financial institution, which has round 29,300 staff in Spain and round 123,000 worldwide, stated it wanted to chop prices within the face of rising competitors from fintech corporations providing on-line banking providers.
In February, the Spanish newspaper Growth reported that BBVA deliberate to chop round 3,000 jobs in its home market.
The CCOO union declined to touch upon BBVA’s cost-cutting plan.
In January, the financial institution’s chief govt, Onur Genc, instructed analysts the lender plans to chop potential prices for low-growth areas “together with a fast restructuring program (in Spain)” within the first half of the 12 months. 2021.
Spanish and European lenders are pursuing completely different methods to cut back prices, both by means of mergers or on their very own, as they’re additionally grappling with the results of the COVID-19 pandemic.
Caixabank has already began negotiations with the unions to cut back employees in Spain after its acquisition of the general public lender Bankia. (Report by Jesús Aguado edited by Inti Landauro and David Goodman)