A very unusual and novel cost cutting measure from BBVA, the Spanish bank.  The 70% cost reduction, with a guaranteed pool of employees after the period is up is certainly a new approach. Can’t help but think there will be unintended consequences after the 5 years are up, built certainly the immediate consequences will be more palatable than normal layoffs, which generate acrimony, as well as an expense one time charge.  This approach will drive accountants nuts. It will allow the bank to make future hiring plans, and attrition management with some knowledge of the future. Bank pays staff to … Continue reading BBVA pays staff to take 5 years off