BBVA could be making spending cuts for 2020

BBVA y mas

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.”

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.