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    BBVA   ES0113211835

BBVA

(BBVA)
  Report
Delayed Bolsas y Mercados Espanoles  -  11:38:00 2023-01-27 am EST
6.434 EUR   +0.26%
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Spanish banks and unions agree on 4.5% wage raise in 2023

11/29/2022 | 03:17pm EST
A man walks past ATM machines of a BBVA bank branch office in Malaga

MADRID (Reuters) - Spanish banks and the country's two biggest unions on Tuesday reached an agreement to raise wages of employees in the sector by 4.5% in 2023 compared to 2022, the banking association AEB and the union CCOO said in a statement.

Banks and unions were trying to reach an agreement with the banking associations to offset the loss of purchasing power caused by steep rates of inflation.

Wages in the financial sector have been barely touched as staff costs remained subject to the 2021-23 labour agreement signed with the unions.

"The agreed improvement will mean an increase of 4.5% on the 2022 salaries, instead of the 1.25% that was initially foreseen," the AEB said in a statement.

Most of Spain's largest banks such as Santander, BBVA, Sabadell and Bankinter are members of AEB.

(Reporting by Jesús Aguado; Editing by Corina Pons and Grant McCool)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANCO DE SABADELL, S.A. 5.24% 1.164 Delayed Quote.32.15%
BANCO SANTANDER, S.A. -0.70% 3.1715 Delayed Quote.13.17%
BANKINTER, S.A. 0.06% 6.496 Delayed Quote.3.64%
BBVA 0.26% 6.434 Delayed Quote.14.20%
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Analyst Recommendations on BBVA
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Financials
Sales 2022 24 770 M 26 889 M 26 889 M
Net income 2022 6 351 M 6 895 M 6 895 M
Net Debt 2022 - - -
P/E ratio 2022 6,31x
Yield 2022 7,13%
Capitalization 38 189 M 41 455 M 41 455 M
Capi. / Sales 2022 1,54x
Capi. / Sales 2023 1,45x
Nbr of Employees 114 311
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 6,43 €
Average target price 7,08 €
Spread / Average Target 10,1%
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Managers and Directors
Onur Genš Chief Executive Officer & Executive Director
Rafael Salinas Chief Financial Officer
Carlos Torres Vila Group Executive Chairman
JosÚ Luis Elechiguerra Joven Head-Engineering & Organization
Juan Pi Llorens Lead Independent Director
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