The bank had initially announced in April its intention to strike out 3,800 positions in Spain.
BBVA, Spain’s second-largest bank, and the unions reached an agreement on Tuesday to cut 2,935 jobs, nearly 900 fewer than initially announced by the group, they said on Tuesday.
“The restructuring will ultimately affect 2’935 people,” the bank said in a statement, which initially announced in April its intention to cut 3,800 jobs in Spain.
This social plan, which also provides for the closure of 480 branches in the country, affects a total of 10% of the workforce, said the bank.
The Workers’ Commissions union congratulated him that this agreement is better than “those signed recently in the sector”.
BBVA tried in the fall to merge with Spain’s fifth bank, Banco Sabadell, but the project was ultimately abandoned.
This social plan at BBVA intervenes in a Spanish banking sector plagued by a hemorrhage of jobs.
The giant CaixaBank notably announced in April the elimination of nearly 8,300 jobs after its takeover of Bankia.
Sabadell cut more than 1,800 jobs at the end of 2020 while Banco Santander announced last year the cut of 3,500 jobs.
Devastated by the financial crisis, Spanish banks separated between 2008 and 2019 by nearly 100,000 people, or about 37% of the workforce in 2008, according to the Bank of Spain.
BBVA returned to the green in the first quarter with a net profit of 1.2 billion euros after suffering a net loss of 1.8 billion euros in the first quarter of 2020 due to the COVID-19 pandemic.