Compass Bank Layoffs

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B.B.V.A. Compass Bank plans to lay off 80 employees in the Rio Grande Valley as part of a 10% company-wide reduction in workforce. According to sources, the cuts are part of a corporate restructuring to remake compass with the business model of its parent bank, Spanish-giant Banco Bilbao Vizcaya Argenta sa. You may recall that over 50 employees from an Edinburg-based operation center were let go last year after B.B.V.A. purchased Texas State Bank for $2.16 billion. Compass bank informed some 1,200 individual workers across its six-state workforce on Monday that they would lose their jobs.