BBVA prepares an ERE with which it plans to cut 3,000 jobs in Spain, which would represent 10% of its workforce. The bank wants to carry out an adjustment plan in the first half of the year to reduce its costs.
The group had already opened the door to this possibility at the end of January, although until then they had denied their intention to do so. However, “the changing needs of the business” forced to study all the possibilities.
According to Expansion, the company has not yet begun to negotiate with the unions the scope of the measure, with which they intend to save around 125 million euros per year, although it is expected to start doing so in the coming weeks.
The cost of the adjustment plan would be around 300 million euros. According to Sabadell estimates collected by Efe, the 178 million gross cost savings would be equivalent to 6% of the costs in Spain. However, the plan could go beyond the ERE itself.
These dismissals are expected to reach both the central services and the network of 2,482 offices that the bank had in Spain at the end of 2020.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
