BBVA plans to lay off 3,800 workers, 16% of the bank's staff in Spain

BBVA plans to lay off 3,800 workers across Spain, representing 16% of their staff in the country.

The financial institution intends to close 530 offices, of which 204 will be in Catalonia – the territory worst affected by the reduction.

Trade unions gave details of the closures after meeting company officials on Thursday. 

Around 3,000 employees in offices are expected to be sacked, 21% of the total, and 800 more of the central services. 

Similar plans by Caixabank

This comes only a few days after Caixabank, the largest bank in Spain, revealed its intention to lay off 8,291 workers, 754 of which in Catalonia.

The financial institution of Catalan origins intends to close 1,534 of its offices across Spain, a 27% reduction.

The news broke on Tuesday, barely one month after it confirmed its merger with Bankia, on March 26, which made it Spain's largest lender.

Before the merger, both companies employed over 50,000 people (35,000 at Caixabank and 15,000 at Bankia). While a recent Barclays report suggested that around 5,750 workers could be left jobless, the bank has eventually gone even further.

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