Barclays Advises BBVA to Lay Off Some 3,000 Workers in Spain

CREDIT: "File:Bilbao - BBVA (ex Banco de Comercio) 2.jpg" by Zarateman is marked with CC0 1.0

Barclays Advises BBVA to Lay Off Some 3,000 Workers in Spain With The Aim of Increasing its Profits by 6 Per Cent.

BBVA is one of the few banking groups that have not carried out, or is planning to carry out, an extraordinary process of downsizing in Spain despite the economic crisis in the country, and the world.

Taking into consideration that most banks have been making cost-savings measures to increase profitability, Barclays has advised the group, chaired by Carlos Torres, to implement an Employment Regulation File (ERE) of 10 per cent of its workers in Spain (about 3,000 people) by taking advantage of the excess capital that it will have once the sale of its business in the US, with the aim of increasing its profits by 6 per cent.

The measure, according to calculations by Barclays analysts, would, however, entail an initial expense of between 250 million and 350 million euros.

“We believe that one use of the capital could be to agree with the unions a process of restructuring workers,” the experts indicate in a report on the situation of the bank, after the failed negotiation to absorb the Sabadell, an operation that would have allowed a significant cut of employees from both groups in the resulting conglomerate.

On Monday (January 18), Banco Sabadell gave the green light to allow the departure of a total of 1,817 employees in Spain, with which it has accepted the vast majority of requests to join the early retirement plan and voluntary dismissals agreed with the unions, which resulted in 1,860 requests.


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Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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