BBVA to Cut 35 Investment Banking Posts in U.S. to Reduce CostsBy , , , and
Job cuts affect bankers in New York, Houston, Dallas offices
Lender announces changes to U.S. CIB unit’s senior management
Banco Bilbao Vizcaya Argentaria SA is reducing its corporate and investment banking staff in the U.S. by about 10 percent as Spain’s second-biggest bank streamlines its business to focus on core clients.
About 35 employees will leave the bank’s CIB business at BBVA’s offices in New York, Houston and Dallas, a spokesperson for the Bilbao, Spain-based bank said by phone Friday. BBVA has about 350 people working in that unit in the U.S.
As part of the reorganization, Michael Adler, previously head of BBVA’s U.S. commercial banking division, will become head of U.S. corporate and investment banking, the spokesperson said. David Powell, head of global clients and investment banking in the U.S., will leave BBVA, the spokesperson said.
In July, BBVA said it was preparing its second management reorganization in 14 months as Chairman Francisco Gonzalez streamlines the lender and accelerates its push into digital banking. Lenders across Europe are slashing costs to boost profits, battered by record-low interest rates and tougher financial regulation.