Spanish lender BBVA would be considering spending cuts for 2020 which would affect not only the commercial network and central services, but also the strategic Client Solutions division, where workforce could be reduced by 3% and investment frozen.
Affected geographical areas would be Turkey, Mexico and Spain.
Renta 4 analysts were not surprised by the news. “If this cost cutting program materializes, the bank would be aligned with the sector trend, while the size of the adjustment should not have an excessively significant impact on accounts,” they commented. “We Maintain our position in the stock. Target price 5.87 euros / share.”
