Friday, September 24

Banco Sabadell will close 320 branches in 2021

Banco Sabadell, which last week announced an ERE for some 1,900 people in Spain, announced this Tuesday that it plans to close 320 offices this year, of which 105 have already been closed and the other 215 will do so in October.

The bank spends more than 4,100 million in cutting its workforce and closing branches

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The reconfiguration of the network would thus affect almost 31% of Sabadell’s branch network in Spain, made up of 1,588, according to the report for the first half of 2021.

The bank’s management has informed union representatives of the closing of branches in the meeting held today within the contact phase prior to the formal presentation of the ERE, union sources have assured Efe.

At the meeting, the unions have demanded that the bank implement alternative measures to the ERE, but the entity has not shown “any interest in negotiating,” the secretary general of CCOO in the entity, Mario Rifaterra, has assured Efe.

The adjustment plan would affect, above all, the entity’s network of offices and servicing, by concentrating 85% of the total proposed exits, although the final impact will depend on the commitment and effort of the negotiating table .

As Europa Press has learned, Banco Sabadell bases this procedure on the search for greater profitability, contemplated in its strategic plan for 2021-2023. In this plan, the entity indicated that it would continue its efforts to contain and reduce costs derived from the transformation of the business model, automation and simplification of processes, and set out the objective of reducing 100 million euros in costs.

The entity justifies the application of the ERE in the falls of the margin and the return on equity (ROE), which at the end of June was 3%.

CC.OO. points out that Sabadell has delivered a technical report to the workers’ representatives during the meeting and the entity’s external advisor has explained the motivations of the ERE, although the union indicates that it has rejected “all the explanations given” and affirms that it should study the report to contrast the information and make “counterproposals”.

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