José Ignacio Goirigolzarri

José Ignacio Goirigolzarri
José Ignacio Goirigolzarri
Born	José Ignacio Goirigolzarri Tellaeche 4 2, 1954
Birthplace	Bilbao, Spain
Nationality	Spanish
Occupation	Banking executive
Known for	Chairman of Bankia (2012–2021), Chairman of CaixaBank (2021–2024), President and COO of BBVA (2001–2009)

José Ignacio Goirigolzarri Tellaeche (born 4 February 1954) is a Spanish economist and banking executive whose career has been shaped by some of the most consequential episodes in modern Spanish finance. Born in Bilbao, he spent nearly three decades at BBVA and its predecessor institutions, rising to serve as president and chief operating officer from 2001 to 2009. In 2012, he was appointed executive chairman of Bankia, the troubled Spanish lender that had required the largest bank bailout in Spain's history, and over the following nine years he led the institution's restructuring and return to profitability. Following the merger of Bankia with CaixaBank in 2021, Goirigolzarri became executive chairman of CaixaBank, Spain's largest domestic bank by assets. He served in that role until October 2024, when he submitted his voluntary resignation. Throughout his career, Goirigolzarri has been recognized as one of the most prominent figures in Spanish banking, having also served on the board of trustees of the Real Instituto Elcano.

Early Life

José Ignacio Goirigolzarri Tellaeche was born on 4 February 1954 in Bilbao, the capital of the Biscay province in the Basque Country of northern Spain. Bilbao was at the time one of Spain's major industrial and financial centres, home to several of the country's leading banks including Banco de Bilbao and Banco de Vizcaya, institutions that would later play a central role in Goirigolzarri's professional life.

Details about his family background and childhood have not been widely documented in publicly available sources. His surname, Goirigolzarri, is of Basque origin, reflecting the deep roots of his family in the region. He grew up during the later years of the Franco regime, a period of significant economic transformation in Spain as the country underwent rapid industrialization and the beginnings of economic liberalization.

Education

Goirigolzarri pursued his higher education at the University of Deusto, a prestigious Jesuit university located in his hometown of Bilbao. Deusto has long been recognized as one of Spain's leading institutions for business and economics education, and it was there that Goirigolzarri studied economics. He subsequently attended the University of Leeds in the United Kingdom, where he furthered his academic training.

In later years, Goirigolzarri maintained ties with his alma mater. In 2018, he was appointed as the new board chairman of Deusto Business School, the business school of the University of Deusto, reflecting his continued engagement with the institution that had shaped his early intellectual development.

Career

BBVA (1977–2009)

Goirigolzarri began his banking career in 1977 at Banco de Bilbao, one of the oldest and most established financial institutions in Spain. Over the following decades, the institution underwent a series of mergers that reshaped the Spanish banking landscape. Banco de Bilbao merged with Banco de Vizcaya in 1988 to form BBV, and in 1999, BBV merged with Argentaria to create BBVA (Banco Bilbao Vizcaya Argentaria), one of the largest financial groups in the eurozone.

Goirigolzarri rose steadily through the ranks of these successive institutions. By 2001, he had been appointed president and chief operating officer (COO) of BBVA, making him one of the most senior executives in Spanish banking. In this capacity, he was responsible for overseeing the day-to-day operations of the bank and played a key role in BBVA's international expansion strategy, particularly in Latin America. During his tenure as COO, BBVA expanded its presence across multiple continents and grew into one of the world's largest banking groups by market capitalization.

In his role at BBVA, Goirigolzarri was involved in strategic partnerships and international financial cooperation. A signing ceremony between BBVA and the Inter-American Development Bank (IDB) saw Goirigolzarri, as BBVA's president and COO, and IDB Executive Vice-President Daniel M. Zelikow sign agreements to welcome BBVA subsidiaries BBVA Paraguay and Banco Continental (Peru) as issuing banks under the IDB's Trade Finance Facilitation Program.

Goirigolzarri departed BBVA in 2009 after nearly 32 years with the bank and its predecessor institutions. His departure came amid a period of internal restructuring at BBVA, and he left the institution as the global financial crisis was reshaping the banking sector worldwide.

Chairman of Bankia (2012–2021)

Appointment and the Bankia Crisis

After a period away from active banking management following his departure from BBVA, Goirigolzarri was called upon in May 2012 to take charge of Bankia, the Spanish lender that had become the most visible symbol of the country's banking crisis. Bankia had been formed in 2010 through the merger of seven Spanish savings banks (cajas de ahorros), with Caja Madrid and Bancaja as the largest constituents. The bank's rapid deterioration, driven by massive exposure to the collapsed Spanish real estate market, had forced the Spanish government to intervene.

Goirigolzarri was appointed executive chairman of Bankia and of its parent holding company, BFA (Banco Financiero y de Ahorros), replacing Rodrigo Rato, the former managing director of the International Monetary Fund. His appointment was announced on 7 May 2012, just days after the Spanish government had nationalized BFA by converting its €4.5 billion loan to the institution into equity. The crisis at Bankia ultimately required a European bailout of the Spanish banking sector totaling over €40 billion, with Bankia receiving the largest share.

Restructuring and Strategic Plan

Upon assuming the chairmanship, Goirigolzarri embarked on an ambitious restructuring of Bankia. He oversaw the development and implementation of a strategic plan for the period 2012–2015, which set out the roadmap for the bank's recovery. The plan focused on reducing the bank's exposure to toxic real estate assets, cutting costs, strengthening capital ratios, and restoring the bank's reputation and credibility with investors, regulators, and the public.

Under Goirigolzarri's leadership, Bankia undertook significant measures including the transfer of impaired real estate assets to SAREB (Spain's "bad bank"), substantial workforce reductions, branch closures, and a recapitalization funded by European financial assistance. The annual report of BFA-Bankia documented the progress of these restructuring efforts, including improvements in the bank's balance sheet quality and profitability metrics.

Privatization Process

One of the key milestones of Goirigolzarri's tenure at Bankia was the beginning of the bank's privatization process. In February 2014, Spain initiated plans to sell a 5 to 10 percent stake in Bankia to institutional investors, marking the first step in returning the bank to private ownership and recovering public funds invested in the bailout. The privatization process continued over subsequent years through additional stake sales by the FROB (Fund for Orderly Bank Restructuring), the Spanish government body responsible for managing the state's investment in bailed-out banks.

Goirigolzarri's management of the turnaround was recognized as one of the more notable bank restructurings in European financial history. He guided Bankia from a position of near-collapse to profitability and a restored presence on the Spanish stock market.

Public Commentary and Views

During his time at Bankia, Goirigolzarri was an occasional public commentator on economic and political matters. In a 2016 statement, he responded to proposals from the political party Podemos regarding public banking, stating that he was not aware of any public bank that had functioned effectively.

In a 2020 interview with El País, Goirigolzarri discussed the impact of the COVID-19 pandemic on the global economy. He stated that the coronavirus crisis would exacerbate existing global challenges and argued that "political conflict doesn't save lives or create jobs," calling for a cooperative approach to recovery.

Goirigolzarri also maintained a personal blog where he wrote about economic topics. In one post, he addressed the subject of corporate debt, advocating for a less leveraged future for companies. In another post, he discussed the limitations and biases of business rankings.

Chairman of CaixaBank (2021–2024)

Appointment Following the Bankia-CaixaBank Merger

In 2020, CaixaBank and Bankia announced their intention to merge, creating the largest domestic bank in Spain. The merger was completed in March 2021, and on 30 March 2021, CaixaBank's newly constituted Board of Directors, meeting in Valencia, appointed Goirigolzarri as the executive chairman of the combined entity. This appointment reflected the terms of the merger agreement, which had envisaged Goirigolzarri, who had led Bankia's successful turnaround, taking on the chairmanship of the merged institution, while CaixaBank's existing CEO, Gonzalo Gortázar, continued in his role.

The merger created a banking group with a dominant position in the Spanish retail market. As executive chairman of CaixaBank, Goirigolzarri was responsible for overseeing the integration of the two banks, a process involving the consolidation of branch networks, technology platforms, and workforces.

Resignation

On 30 October 2024, Goirigolzarri submitted his voluntary resignation as chairman of CaixaBank. The bank's board of directors accepted his resignation and appointed deputy chairman Tomás Muniesa as non-executive chairman. The resignation was characterized as voluntary in multiple press reports. Muniesa succeeded him as the new chairman of Spain's largest domestic lender.

Other Activities

Beyond his roles at BBVA, Bankia, and CaixaBank, Goirigolzarri has held positions in several other organizations. He served as a member of the board of trustees of the Real Instituto Elcano, a Spanish think tank focused on international and strategic studies. He was also appointed as board chairman of Deusto Business School, the business school of his alma mater, the University of Deusto.

Recognition

Goirigolzarri has been ranked among Spain's leading business figures. He appeared in the Merco (Monitor Empresarial de Reputación Corporativa) ranking of business leaders in Spain, a reputation index that evaluates the standing of executives in the Spanish corporate world.

His management of the Bankia turnaround attracted particular attention in European financial circles. The task of restructuring a bank that had received over €22 billion in European bailout funds and returning it to profitability was one of the largest bank restructurings undertaken in Europe following the 2008 financial crisis. The subsequent merger with CaixaBank, which created Spain's largest domestic bank, further cemented his reputation as a central figure in the consolidation of the Spanish banking sector.

Personal Life

Goirigolzarri is from Bilbao and has maintained connections to the Basque Country throughout his career. Publicly available information about his personal life is limited. He has been noted for maintaining a relatively low public profile outside of his professional activities, though he has engaged in public discourse through his personal blog and occasional interviews on economic and political topics.