BBVA Cuts Around A Third Of Global Markets Staff In Asia

BBVA Cuts Around A Third Of Global Markets Staff In Asia - Source

Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) has cut around a third of its global markets staff in Asia, a person familiar with the situation said Tuesday.

The bank, which has been increasing its presence in Asia in recent years, laid off around 29 employees in its Singapore, Hong Kong and Japan offices in December, the person said, in the bank's first major cutback in the region since it expanded by buying a stake in China Citic Bank Corp. in 2007.

The person said the bank has also cut staff at its headquarters in Madrid, but he didn't elaborate.

Before the layoffs, the bank had a total of around 85 staff in Asia working in its global markets team, which include all frontline traders, structuring and related sales staff spanning the equities, fixed income and credit asset classes, the person said.

-By Fiona Law, Dow Jones Newswires; 852-2802-7002; fiona.law@dowjones.com

BBVA Bilbao Vizcaya Arge... (NYSE:BBVA)
Historical Stock Chart
From Sep 2024 to Oct 2024