BBVA Compass to Lay Off Up to 600 Employees
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BBVA Compass is cutting between 400 and 600 jobs in its banking and real-estate-lending divisions.
The layoffs will begin in February and take place over the next two years, the Birmingham, Ala., company said Wednesday. Three-quarters of the layoffs are expected to take place in Birmingham.
BBVA will outsource the job duties, which include back-office functions, to Accenture and Xerox, according to the release.
"The outsourcing of non-core activities is a standard practice across the U.S. banking industry," BBVA said in an email, noting that the "benefits of scale" offered by subcontracting workers "are significant and instrumental in creating a platform for growth."
BBVA Compass is the U.S. unit of Spain's Banco Bilbao Vizcaya Argentaria (BBVA).