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Banco de Sabadell S A : Spain's Sabadell kicks off new round of layoffs in Spain - union and memo

08/30/2021 | 07:19am EDT
FILE PHOTO: A Catalan flag is seen above a logo at the Sabadell bank branch in Barcelona

MADRID (Reuters) - Spain's Sabadell on Monday told its employees it will engage in a new round of layoffs in Spain, according to an internal memo from the bank and a statement from the Spanish union Comisiones Obreras.

The union did not say how many staff could be affected by the new cost-cutting plan. Sabadell declined to comment.

Banks across Europe are struggling to cope with record low interest rates, and the economic downturn sparked by the COVID-19 pandemic has forced them to focus on further cost cuts.

A source with knowledge of the negotiations said around 1,800 staff could be affected by the latest restructuring plan, a figure similar to the 1,817 staff cuts made recently.

The source said the figure had still not been agreed, and a new meeting between unions and the bank would take place on Thursday.

In an internal memo seen by Reuters, the bank informed the workers' representatives of the start of a staff restructuring process.

"The bank's intention is to negotiate a redundancy plan, which includes both early retirement mechanisms and voluntary redundancies," the memo said.

Sabadell's failure to merge with bigger rival BBVA in November added pressure, and the bank is also expected to focus on new cost-cutting measures in Spain.

In May, the bank said that as part of its new three-year strategic plan it was planning additional cost savings and revenue growth from a push towards corporate and consumer lending in Spain.

Sabadell's chief financial officer Leopoldo Alvear said in July the bank expected to announce in the third quarter more details on costs and synergies of its new restructuring process in Spain.

The bank currently has more than 14,600 employees in Spain.

(Reporting by Jesús Aguado; Editing by Jan Harvey)

© Reuters 2021
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Analyst Recommendations on BANCO DE SABADELL, S.A.
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Sales 2021 4 855 M 5 655 M 5 655 M
Net income 2021 310 M 361 M 361 M
Net Debt 2021 - - -
P/E ratio 2021 11,9x
Yield 2021 1,85%
Capitalization 3 648 M 4 244 M 4 249 M
Capi. / Sales 2021 0,75x
Capi. / Sales 2022 0,77x
Nbr of Employees 21 095
Free-Float 97,3%
Duration : Period :
Banco de Sabadell, S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends BANCO DE SABADELL, S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 21
Last Close Price 0,65 €
Average target price 0,61 €
Spread / Average Target -6,42%
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Managers and Directors
César González-Bueno Chief Executive Officer & Director
Leopoldo Alvear Trenor Chief Financial Officer
Josep Oliu Creus Executive Chairman
Rüdiger Schmidt Head-Global Information Technology & Operations
Federico Rodríguez Castillo Head-Compliance & Corporate Governance
Sector and Competitors