Spanish lender BBVA announced plans to lay off about 3,000 employees, ~13% of its workforce in Spain, and close 480 branches “to ensure the competitiveness and sustainability of future employment in the entity given the current context of profound transformation of the financial sector.” This is going to cost the lender €960mn ($1.17bn) with collective redundancy costs and closure of branches accounting for €720mn ($877mn) and €240mn ($292mn) respectively. However, the reorganization is expected to save BBVA about €250mn ($305mn) annually 2022 onwards. Regional peer Caixabank and unions are also in the midst of negotiations regarding ~7,600 job cuts.

BBVA’s 6.5% dollar perps traded stable at 109.15 yielding 3.86% currently.

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