Merger of BBVA and Sabadell | Fear of layoffs among BBVA and Sabadell’s 800 employees in the region
New attempt to merge BBVA and SabadellThere has been increased concern among employees about the possible closure of the office.which may be more controversial in municipalities of the region in which both entities are present, given that for the time being only one of the two existing branches will be retained. The future of central services employees remains one of the most unknown. The unions believe that if staff cuts occur, they will not be “traumatic” layoffs, but rather voluntary layoffs that will be negotiated.
The announcement of the negotiations comes after a long process of concentration, which left the skeletal network of banking offices. Sabadell, which inherited the structure of the old CAM, currently has only 69 offices. Bye BBVA says there are 52, although that figure includes branches and ATMs.This was reported by sources in the institution.
The Catalan enterprise claims to employ 303 people in its offices, although The secretary of the CC OO trade union section in Sabadell, Paqui Martinez Corbalan, increases the number of workers to 549. including employees in bad loan collection and mortgage loan management services who work remotely from home.
BBVA offers Sabadell a 30% bonus and a vice-president position for his takeover
BBVA says it has 257 employees in the region. In total, both organizations There are 806 workers awaiting negotiations.
Representatives of the KS OO and UGT believe that the staff of banks is already “very tight”, and the number of branches they serve in the region is very far from pre-pandemic indicators.
Martínez Corbalán recalls that banks have limited services to serve customers taking advantage of digitalization, which leads to their increase. problems of financial exclusion of “vulnerable people”.
The difficulties are greater in smaller municipalities and in areas furthest from urban centers.
Sabadell shares rose 7% after BBVA’s offer, which fell 12% in three days
Paki Martinez Corbalan believes thatThe return to merger talks is “a new twist on what banks have gotten us used to.”at the time of “record” profits in banks.
Please note that bothThe application was received with “expectation, uncertainty and anxiety” after the experience of previous trials.. Remember that in municipalities like Lorca, “there are only two Sabadell offices: one with 19 employees and the other with five,” so it is difficult to predict what the consequences of the merger will be.
Representatives of the UGT in Sabadell also express their concern about the fate of central services workers who are located in the building located in front of the Cathedral Arches and those involved in loan recovery services or mortgage loan management.
The regional government believes that this is a “private operation”
The regional government considers the possible merger of BBVA and Banco Sabadell to be a “private operation” and does not assess the consequences that the inclusion of the defunct CAM’s old branch network in the new entity may have.
“As a regional government We are confident that regulators will protect the interests of investors, customers and employees alike. We are betting that the Spanish financial system will continue to be one of the most competitive in Europe,” sources in the Ministry of Finance said.
Croem president José María Albarracín warns that any view suggests “a merger that has not yet been completed.” He remembers that four years ago another merger agreement was discussed, “but it did not materialize,” so he believes it is necessary to “be careful” and not get ahead of the curve.
Albarracin notes that the purpose of the operation will be to “strengthen the alliance between these entities,” which will reduce “competition” in the financial market. “The offer will be lower and hence user demand will be reduced.
Diaz criticizes BBVA-Sabadell merger and warns it will lead to layoffs
Letter from BBVA
In a letter addressed to the board of directors of Banco Sabadell, BBVA emphasizes that “the merger of both companies will result in the most attractive industrial project in European banking. In this sense, it highlights the benefits of the merger for both companies.” their shareholders, employees, customers and the communities in which they operate.”
Add this “The new structure will become one of the largest and most reliable financial companies in Europe.with total assets of more than one trillion euros and more than 100 million customers worldwide, with ambitions to become the largest bank by market capitalization in the eurozone.”