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BBVA Spain’s Second Biggest Bank Ready To Cut THOUSANDS Of Jobs - THOMAS DISHAW.COM


BBVA Spain’s Second Biggest Bank Ready To Cut THOUSANDS Of Jobs

More bad news for the bankers.

BBVA, Spains second biggest bank is ready to cut THOUSANDS of jobs according to this Bloomberg report.

Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, is weighing a fresh round of job cuts across the company to lower costs, three people with knowledge of the matter said.

The bank may eliminate 2,000 positions or more, said the people, asking not to be identified because the matter is private. The cuts would mostly affect branches and the lender’s central services unit, as well as the investment banking business, though a final decision hasn’t been made, two of the people said.

Spanish lenders have been seeking ways to shore up profitability, battered by record-low interest rates, tougher financial regulation and weak demand for credit. BBVA said it was cutting about 1,100 jobs after integrating CatalunyaCaixa. Since taking over the helm of BBVA in May 2015, Carlos Torres Vila has seen the shares lose about 42 percent of their value.

“It makes sense for lenders to look at how they can reduce costs since the use of new technology is forcing Spanish banks to change their business model,” said Daragh Quinn, an analyst at Keefe Bruyette & Woods with an outperform recommendation on the shares. “If BBVA’s plans are confirmed, it would be something expected as they haven’t done any large job reduction before.”

Other Spanish banks are also looking at ways to lower costs. Santander, Spain’s largest bank, is closing branches in its home market and is cutting about 1,400 jobs in Spain. While Banco Popular Espanol SA is also planning to reduce staff, no decision on the scale of cuts has been taken, a spokesman for the bank said Thursday. Expansion newspaper reported that the lender may eliminate as many as 3,000 jobs.

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