Monday, May 27, 2024

BBVA Reinforces Its Workforce Abroad In The Middle Of ERE In Spain

BBVA intends to reinforce its workforce in some foreign divisions, which is why in the last month it has taken out almost 500 job offers in the United States, Mexico and Colombia. In addition, to these we would have to add almost another hundred, mainly in Peru.

This search for workers takes place in the middle of the negotiation and the beginning of the adhesion of the ERE that will be launched in Spain with the aim of reducing operating costs and adapting to the digital environment. This adjustment, which will cost 960 million euros, will mean the departure of 2,725 employees from the entity in our country , including 210 incentive leave for at least three years.

The reinforcement of personnel in the international subsidiaries does not include Turkey , one of the four main markets in which the group chaired by Carlos Torres operates. Of the total number of vacancies, the US stands out , where it intends to boost the banking business for companies and capital markets after having disposed of the retail activity for 9,600 million with a new action plan .

In North America it intends to hire 206 people. The bank indicates that a part of these new positions correspond to the subsidiary sold and that, therefore, they are transferred to the buyer, PNC.

Also noteworthy is the number of job offers it has launched in Mexico , its greatest source of benefits and engine of the entity. In the Aztec market, BBVA will give 153 people an opportunity.

In Colombia , despite the difficulties the country is going through, the Spanish group also aspires to improve its position and will incorporate at least 139 new employees to its ranks.

Peru , China , Indonesia , Argentina or Venezuela are also on the list of states where BBVA is looking for staff. Most of the positions are focused on the commercial network and new technologies, in addition to savings advice, three key matters for the group’s profitability to increase, while Spain achieves the savings of 250 million prefixed with the ERE that it will carry out .

Profitability and capital
In fact, bank sources argue that the cost of capital in each country is different and that in Spain it is essential to reduce operating expenses to achieve profitability due to negative interest rates, hence “it is necessary to look for talent in other geographies to fill specific positions “. They also point out that each market is different and that in some countries there is a higher voluntary job rotation, which requires greater coverage for vacancies.

The dismissals in Spain will be assumed with the money it has reaped with the divestment in the US, an operation that will allow it not only to carry out the promised share buyback of 10% of the capital , but also to analyze acquisitions in strategic markets.

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