Banco Sabadell plans to close 320 branch offices in Spain

The bank's proposal would affect almost 2,000 employees, around 12.5 per cent of the workforce it has in the country

COLPISA

Wednesday, 15 February 2023, 10:48

Banco Sabadell has proposed the closure of 320 branches in Spain, affecting almost 31 per cent of the bank's network in the country.

If the plans go through some 1,900 employees, around 12.5 per cent of the 15,000 workforce it has in Spain, would lose their jobs.

Sabadell said that, of the 320 branches, some 176 would be converted to offer basic services via electronic banking machines.

Some 1,639 branch office employees would be affected by the cuts, according to union sources, while the rest, around 260 employees, would be lost from corporate centres and corporate services.

Sabadell justifies the cuts on a search for greater profitability, by transforming its business model, and has set out the objective of reducing it costs by 100 million euros.

The CCOO union said that it rejects "all the explanations given" and “unlike management, seeks other alternatives to this process."

The union has also criticised the " millionaire salaries" of management and alleges that new hiring has been carried out during 2021.