The News
Friday 19 of July 2024

BBVA will close hundreds of offices in Spain, announces massive layoff of employees

BBVA plans to lay off thousands of employees and close hundreds of offices in Spain, the bank's decision comes after announcing an Employment Regulation File (ERE).

After resuming negotiations with the unions, BBVA proposed the dismissal of 3,798 people, representing 16 percent of the bank’s workforce, and the closure of 530 offices.

The bank noted that this decision was made for productive and organizational reasons derived from the digital transformation.

The bank reported that the current context requires a profound transformation for the sector, marked by enormous competitive pressure, low interest rates, the accelerated adoption of digital channels by customers and the entry of new digital players. The Trade Union Commissions (CCOO) considered that BBVA’s offer is an “unsustainable and scandalous” exit approach.

The Workers’ Commissions recalled that behind these numbers “there are people and their families, who are going to be left without a source of income while senior management maintains and increases millionaire salaries.” They also advanced that BBVA’s approach leads them to the path of mobilization.

In this regard, the president of BBVA in Spain, Carlos Torres Vil, insisted that the entity wants to “work with the unions to guarantee the bank’s sustainability” and reach the best agreement for all. Torres said that this new offer will be applied as of June of this year and pointed out that the bank complies with the requirement to communicate these changes clearly.

On Wednesday the Spanish Minister of Economy, Nadia Calviño, asked the banks for “responsibility” to seek alternatives that minimize the negative impact on employment in the country.