Business 13/04/2021

BBVA begins the process to apply a new redundancy plan

The financial institution has already informed staff of the measure, which could affect about 3,000 workers

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BBVA's head office in Madrid.
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BarcelonaBBVA also joins the new wave of staff cuts across the Spanish banking industry. ARA has learnt the bank has already informed staff it has begun the process to initiate a redundancy plan (ERE) that could affect about 3,000 workers. This will affect both the central services of the bank and its commercial branches.

The entity has called the unions to a meeting this Friday, April 16 to begin negotiating the conditions of the redundancy plan. "Our goal is to jointly explore ways to minimise the impact on the workforce," says BBVA in the statement sent to workers. The financial group insists that the 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 says it will implement the plan with "an attitude of dialogue" and a commitment to reach the "best possible agreement for all". The measure comes after Banco Santander also initiated a process to lay off 3,000 workers and in the midst of negotiations to apply cuts in the workforce at CaixaBank after the merger with Bankia, which will affect at least 7,000 employees.