Unions and Sabadell bank reach agreement in principle over redundancies

Sabadell Bank and trade unions have reached an agreement in principle that will see at least 1,380 workers take voluntary redundancies.

This number could reach as high as 1,650 depending on the number of staff members who take up the option. 

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.