Spanish lender Banco Bilbao Vizcaya Argentaria SA is mulling potential job cuts as it seeks to cut costs amid the low interest rate environment, Expansión reported Dec. 17.

It said the bank may cut up to 3% of the workforce at its key client solutions division in several different geographies, including Mexico, Spain and Turkey, its largest markets. Most of the cuts will be through early retirements, the report said.

The potential cuts mark a brake in investment in one of the bank's strategic areas, the paper said, and the division has a large marketing budget and develops products for BBVA customers globally.