“In this crisis we have not been the problem, we have been an important part of the solution.” This phrase has become a mantra in the banking sector in recent months. With differences in the construction of this statement, practically all the bankers who have had the opportunity to assess the situation of the economy and the sector have highlighted that, despite the economic crisis caused by the pandemic, banking has not become a problem upside down. Economic policy decisions such as ERTEs or loans guaranteed by the ICO have been fundamental pieces for this. However, even having avoided the problems of the past, in the sector a new reputation problem is assumed, affected among other things by the ERE, criticism of the remuneration of managers or the CNMC investigation of some entities.
Guindos defends the wave of layoffs and bank office closings to avoid “a solvency crisis”