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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Banco de Sabadell, S.A.    SAB   ES0113860A34

BANCO DE SABADELL, S.A.

(SAB)
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Sabadell set to speed up cost cutting at Britain's TSB

10/19/2020 | 08:04am EST

MADRID, Oct 19 (Reuters) - Spain's Banco Sabadell plans to speed up its cost cutting plan at British arm TSB to complete it in two years rather than three, Chief Executive Jaime Guardiola said on Monday.

At the end of September, TSB announced it would close 164 branches, a third of the total, and cut around 900 jobs as lenders grapple with the economic impact of the COVID-19 pandemic.

"In the UK, we will likely bring forward the cost reduction plan (...) that was intended to be achieved in three years to two years, and complete the whole reduction process in 2020 and 2021," Guardiola told a financial event hosted by Spanish newspaper Expansion and consulting company KPMG.

Guardiola expected to provide more details on cost cutting at Sabadell when the bank releases its quarterly earnings at the end of this month.

Spanish banks have gone abroad in search of higher revenues, though Sabadell's 2015 purchase of TSB has been marred by major technology glitches.

The impact of the pandemic has also put the bank under more pressure to consolidate while facing rising bad loans and low interest rates.

Against this backdrop, sources told Reuters last month that Sabadell held informal talks about a possible tie-up, including with BBVA and Santander, though on Monday Sabadell said it was focused on its own project of reducing costs.

Since the beginning of the year, shares in Sabadell have plunged more than 70%, becoming the worst-performing banking stock on the Ibex-35.

On Monday, the stock was down 1.2%, while the Ibex-35 was up 0.3%. (Reporting by Jesús Aguado and Emma Pinedo; editing by Andrei Khalip and Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. -0.71% 3.93 Delayed Quote.-21.13%
BANCO DE SABADELL, S.A. -6.36% 0.3255 Delayed Quote.-68.70%
BANCO SANTANDER, S.A. -1.93% 2.4175 Delayed Quote.-32.37%
IBEX 35 -1.39% 8076.9 Delayed Quote.-14.23%
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More news
Financials
Sales 2020 4 831 M 5 789 M 5 789 M
Net income 2020 88,5 M 106 M 106 M
Net Debt 2020 - - -
P/E ratio 2020 32,3x
Yield 2020 0,17%
Capitalization 1 954 M 2 336 M 2 342 M
Capi. / Sales 2020 0,40x
Capi. / Sales 2021 0,42x
Nbr of Employees 23 918
Free-Float 99,3%
Chart BANCO DE SABADELL, S.A.
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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
TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 0,39 €
Last Close Price 0,35 €
Spread / Highest target 58,2%
Spread / Average Target 11,5%
Spread / Lowest Target -42,5%
EPS Revisions
Managers
NameTitle
Jaime Guardiola Romojaro Managing Director & Executive Director
Josep Oliu Creus Executive Chairman
Rüdiger Schmidt Head-Global Information Technology & Operations
Tomás Varela i Muiña General Manager & Head-Finance
María Teresa García-Milà Lloveras Independent Non-Executive Director
Sector and Competitors