Between 5,000 and 6,000 jobs could vanish if BBVA’s takeover of Banco Sabadell goes ahead. The Basque bank wants to slash €325 million in staff costs, according to union Intersindical.
Intersindical strongly opposes the hostile takeover. The union warns it could trigger a loss of banking power in Catalunya and reduced credit access for businesses. Moreover, indirect job losses would likely follow.
At least 80% of redundancies would hit Banco Sabadell employees, the union estimates. Half of all job losses would be concentrated in Catalunya, where both banks overlap significantly. The corporate centre in Sabadell, with 3,000 staff, faces the biggest threat.
Catalunya currently employs around 6,000 Sabadell workers and 4,000 BBVA staff. “Sooner or later there’ll be considerable job losses,” said Vicenç Garcia, Sabadell union delegate, at a press conference.
Workers suffer either way
Intersindical warns workers will suffer regardless of the takeover’s outcome. Both banks have adopted “unbearable commercial pressure” and “ferocious competition” between employees, Garcia explained.
“Every quarter has to be the best quarter in history,” he said. “They’re achieving it, but at the cost of people’s health.”
Since the takeover turned hostile, pressure at Sabadell has become unsustainable. The bank demands record-breaking results each quarter. Furthermore, Garcia says Sabadell has introduced constant monitoring and anxiety-inducing comparisons between workers that are here to stay.
The situation at BBVA is similar. Dani Oliva, Intersindical’s BBVA representative, says commercial pressure is their biggest concern. He denounces the bank’s demand for historic profit-beating through competitive rankings that degenerate into inappropriate conduct, workplace harassment, and bad commercial practices. Consequently, depression and anxiety-related sick leave has increased.
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