BBVA

Bilbao, Spain
bbva.com
Finance

Layoff Date:

April 25, 2021

Laid Off Employees:

3800

Laid Off Percent:

16

Source: The Local
Two more big banks announced thousands of layoffs last week with 8,300 jobs to be axed at CaixaBank, or one in five of its staff, and 3,800 at its smaller rival BBVA, accounting for 16 percent of the workforce. The announcements drew an angry response from Spain's big unions, the UGT and the Workers' Union (CCOO), who denounced the cuts as "brutal" and "scandalous". Late last year, Banco Santander, Spain�s largest bank, said it would cut 3,500 jobs while Banco Sabadell moved to lay off 1,800 staff. All of them have made the same argument: that in a context of low-interest rates which is expected to continue, they have to cut costs by reducing the number of branches rendered unnecessary by the growth of online banking.
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