Banc Sabadell announces further layoffs

Banc Sabadell, one of Spain's largest banks, has announced that it will be carrying out further layoffs, although the number of staff affected by the measure will be revealed in a meeting set to take place on September 2.

The CCOO trade union, which was informed of the decision on Monday, has rejected it and says it will seek voluntary departure agreements only for those who wish to leave.

This comes less than a year after Banc Sabadell and 1,800 workers reached an agreement last December that saw them leave voluntarily.

The bank's profits dropped by 99.7% in 2020 compared to a year prior, something it attributed to the Covid-19 crisis, the sale of troubled Caja Mediterráneo assets, and its restructuring plan in Spain and the United Kingdom. It also held unsuccessful merger talks with BBVA.

Founded in the Catalan city of Sabadell in 1881, the bank moved its headquarters to Alicante, in the Valencia region, in response to the 2017 push for independence. 

Caixabank layoffs

Caixabank, the largest bank in Spain, announced plans to lay off 18% of its staff, 8,291 workers in April, a month after its merger with Bankia, made it Spain's largest lender.

In July, the company and trade unions reached an agreement that saw 6,452 people in Spain lose their jobs, of which 608 were in Catalonia.