BBVA is cutting its Spanish workforce by 13% in order to withstand “enormous competitive pressure”

BBVA plans to cut 2,935 jobs in its home market, representing 12.6% of its total workforce in Spain.

The bank agreed on its new plans this week with the Comisiones Obreras (CCOO) union.

BBVA negotiated the cuts with the Comisiones Obreras union

The downsizing is a necessary adjustment to “ensure the competitiveness and sustainability of future employment”.

The bank adds that it is under “tremendous competitive pressure” from low interest rates, new markets …

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