Banco Bilbao Vizcaya Argentaria SA said it will cut 1,200 jobs, or about 10% of the work force, at its Compass Bancshares Inc.
The Madrid parent company said it would eliminate positions in all of Compass' markets. The cuts will include "both management and non-management positions."
Notices will be issued in a matter of days, BBVA said.
A spokesman for the company said the cuts are unrelated to the economy and are tied to integrating Compass into BBVA, which bought the Birmingham, Ala., company in 2007 for $9.6 billion.
