BBVA to slash some 3,000 employees in Spain

Photo: EPA

The Spanish lender BBVA announced plans to reduce substantially its workforce by reducing some 3,000 jobs related to the bank's domestic operations, Reuters reported. That equals to around 10% of local staff. The intention is to adapt the bank's activities to the constantly growing online banking.

BBVA chief executive officer Onur Genc said last month that the bank was looking into ways to achieve serious cost cutting. BBVA’s net profit in Spain fell 48% in the fourth quarter against the same quarter of 2019. A spokeswoman for Comisiones Obreras, the biggest union at BBVA, said negotiations or meetings with the bank on potential job cuts had not started yet. BBVA has around 29,300 employees in Spain out of some 123,000 globally.

The cuts would be roughly in line with similar measures taken by other Spanish lenders. BBVA’s main competitor in Spain, Santander, last year announced it would lay off nearly 3,600 employees and cut around 30% of branches in the country.

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