Banco Sabadell Ready To Cut Over 1,800 Employees In Spain

BANCO Sabadell Are Getting Ready To Cut Over 1,800 Employees In Spain After Receiving The Green Light on Friday (January 15) By Unions

Banco Sabadell have been given the green light to allow the departure of a total of 1,817 employees in Spain, with which it has accepted the vast majority of requests to join the early retirement plan and voluntary dismissals agreed with the unions, which resulted in 1,860 requests.

This has been explained by union sources, who have added that only a total of 43 people have been left out, because there have been an excess of applications in the north of Spain, in territories such as Asturias, Guipúzcoa or Navarra, among others.

Banco Sabadell had proposed to reduce its workforce by around 1,800 people in Spain so that finally the number of departures was fully adjusted to the bank’s expectations. These sources have specified that the bulk of departures will take place between February 28 and March 31, although the process has already begun – with departures carrying on into April.

Through these actions, Sabadell anticipates maximum savings which have been sought by the bank for some time and will achieve the efficiency objectives that have been proposed.

At the end of November, Banco Sabadell’s management and unions agreed to reduce the workforce through an agreement that included early retirement from 56 years of age and based on voluntary departures.

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