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Report: BBVA planning fresh staff layoffs

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Report: BBVA planning fresh staff layoffs

Banco BilbaoVizcaya Argentaria SA is planning to cut 2,000 or more jobsglobally to reduce its costs, Bloomberg News reported July 22, citing "threepeople with knowledge of the matter."

The layoffs would primarily come in BBVA's branch networkand central services unit, with cuts also likely in the investment bankingdivision, two of the sources said, adding that a final decision has not beentaken.

BBVA has already said it would cut 1,100 jobs as part of theintegration of CatalunyaCaixa, which it acquired in 2014, Bloomberg noted. Aspokesman said that was the lender's only current workforce reductioninitiative.

Banco PopularEspañol SA said the same day that it is an operational analysis thatwill dictate the actions it needs to take to achieve its objectives, after areport that the lender was looking to cut 2,500 jobs and close 300 offices.