BBVA, Unions Agree to 2,935 Job Cuts in Spain

By Xavier Fontdegloria

Banco Bilbao Vizcaya Argentaria SA has reached an agreement with unions to cut 2,935 jobs, Spanish labor union Comisiones Obreras said Tuesday.

The final number of redundancies is lower than the 3,798 layoffs initially planned by the Spanish bank, which said the job cuts are needed amid a shift toward online banking and digitalization. The job cuts represent around 10% of its workforce in Spain.

The agreement includes measures to guarantee that most of the cuts are implemented through a voluntary redundancy program, Comisiones Obreras said. A spokesman for BBVA declined to comment.

Lenders in Spain have been cutting costs, either alone or through tie-ups, as low interest rates stifle profits.

Write to Xavier Fontdegloria at [e-mail]

(END) Dow Jones Newswires

06-08-21 1247ET