BBVA Spain’s Second Biggest Bank Ready To Cut THOUSANDS Of Jobs
ThomasDishaw.com
JULY 22, 2016
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.
The Rest…HERE
