BBVA to Start Job Cut Process This Week
By Carlos Lopez Perea
Banco Bilbao Vizcaya Argentaria SA is set to kick off
negotiations this week to cut staff in Spain to offset the impact
of low interest rates and the coronavirus pandemic, according to a
letter sent to employees that was seen by EFE Dow Jones.
Negotiations with workers' unions should begin on April 16 and
the redundancy process would affect both central services and the
commercial network, according to the letter.
The bank hasn't provided any official figures on possible
layoffs as "it's all very preliminary," according to a source from
the bank. However, some Spanish media outlets have reported the
bank plans to cut more than 3,000 employees.
"Our sector is in a context of profound transformation marked by
enormous competitive pressure, low interest rates, the accelerated
adoption of digital channels by customers and the entry of new
digital players," BBVA said in the letter.
Write to Carlos Lopez Perea at firstname.lastname@example.org
This story was translated in whole or in part from a
Spanish-language version initially published by EFE Dow Jones, a
partner of Dow Jones & Co.
(END) Dow Jones Newswires
April 13, 2021 10:51 ET (14:51 GMT)
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