BBVA Compass to cut 600 jobs in outsourcing pact
10 January 2014 | 4356 views | 0
BBVA Compass is to cut up to 600 jobs in the US after agreeing outsourcing deals with Xerox and Accenture.
The bulk of the job cuts will come from the bank's headquarters in Birmingham, Alabama and will affect staff working in back office real estate and lending positions.
The bank says it will begin a review of job functions and workflow across selected functions next month as it looks to cost-saving opportunities from outsourcing.
In a statement announcing the plans, BBVA Compass says: "The benefits of scale that strategic service providers offer, as well as their investments in evolving technologies, are significant and instrumental in creating a platform for growth."
The bank has elected to work with Accenture and Xerox as its two primary outsourcing partners.
Says the bank: "They were selected, following an extensive analysis, in part because of their well-known business process services and strong reputations."