THE BBVA bank has reduced planned compulsory redundancies in a last-minute bid to strike a deal with the CCOO union.

Formal talks are due to finish tomorrow(June 4).

Spain’s second-largest bank has now cut the initial 3,798 lay-off figure to 2,935 after a one-day protest strike involving its 20,000 employees yesterday(June 2).

That’s an improvement on its previous offer to cut the losses to 3,300 redundancies.

The CCOO said it was positive news but needed to work out the exact details of what the bank has laid on the table.

It prefers to sanction cuts via early retirement and voluntary departures.

The union also wants better financial pay-offs for people who are forced to leave.

In April, the BBVA announced a workforce pruning and the closing of a quarter of its branches.

It said the move was down to more people using online banking, and follows suit with other Spanish banks.

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