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Banco Sabadell moves ahead with restructuring plan for UK subsidiary and makes 250 redundancies

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tsb takeover

Posted By: The Corner 2nd September 2024

Alphavalue/ Divacons | The bank chaired by Josep Oliu has carried out the 250 redundancies included in its restructuring plan in the first half of 2024. According to its latest financial report, TSB had a workforce of 4,990 employees at the end of June, 436 fewer than at the end of 2023.

It was on 8 May, a week after BBVA announced its interest in taking over Sabadell, when TSB revealed that the restructuring plan included the closure of 36 branches and the dismissal of 250 employees.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.