The labor unions CCOO and UGT have alerted the National Commission on Markets and Competition CNMC that a potential BBVA and Banco Sabadell merger could cost up to 10,500 jobs. They expressed their deep concern to the CNMC president through a letter signed by their two general secretaries, Unai Sordo and Pepe Álvarez, a copy of which was obtained by this outlet.
The May public takeover offer presented by BBVA’s leadership to Sabadell has sparked opposition across multiple fronts, including within the ranks of workers. Beyond concerns about banking concentration raised by business associations like Pimec and Foment and by bodies such as the College of Economists, the possible integration may also bring a severe hit to employment.
CCOO and UGT estimate that the merger would begin with the elimination of overlapping offices, a common outcome in corporate integrations. Specifically, they contend the operation would entail closing between 589 and 883 offices nationwide, with particular impact in Catalonia, the Valencian Community, Asturias, and Galicia where Banco Sabadell has a strong presence, according to the letter delivered to the CNMC.
The closure of offices would translate into layoffs, with a projected loss of between 7,685 and 10,567 jobs, according to the unions. They also note that secondary effects of the operation could include indirect job losses across related sectors.
Additionally, the reduction in the ability of businesses and self employed people to access credit would threaten employment across multiple sectors, not limited to banking. This is the core concern that motivates both unions to share their apprehension, hoping the issue is conveyed clearly because this operation could destroy a large number of jobs in both the banking sector and in enterprises linked to small and medium sized businesses, especially in Catalonia but also in other parts of the country.