The bank will cut 2935 jobs across Spain. It will see BBVA’s workforce cut by around 10%, rather than the 15% originally planned.

Catalonia is the territory with the largest number of redundancies planned, with 1001 representing over a third (34%) of the total. It will see 183 branches closed, out of a total of 480 across Spain.

Barcelona will lose 109, while 34 will shut in Tarragona, 22 in Girona and 18 in Lleida.

Of the total of 2935 employees affected across Spain, 2725 are set to leave their jobs directly, while the remaining 210 will initially take unpaid leave.

The bank had wanted people under 50 to account for half of the layoffs, but Tuesday’s pact stipulates that only 28% of staff who leave will be under 50.

Banco Bilbao Vizcaya Argentaria, S.A., better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao (Basque Community), Spain. It is one of the largest financial institutions in the world, and is present mainly in Spain, Portugal, Mexico, South America, Turkey, Italy and Romania.

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