BBVA Compass said it plans to cut 600 jobs from its U.S. workforce, including about 450 positions from its Birmingham, Ala. headquarters.
Compass, the U.S. arm of Spanish bank BBVA, announced that the cuts will affect staff in the mortgage servicing and loan processing areas, and various back-office functions. The bank agreed to outsourcing deals with Xerox and Accenture to take over those functions.
“A review of job functions, workflow and processes will begin across designated areas next month, part of an analysis to determine where outsourcing opportunities exist,” the bank said in a prepared statement. “These reviews will continue at different times over the next two years.”
The statement continued, ""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," adding that Accenture and Xerox were chosen after "extensive analysis."
BBVA Compass said that no facilities would be closed due to these job cuts. The cuts are scheduled to take place over the next two years.