TSB, Banco Sabadell's British subsidiary, has already told unions how it will implement the efficiency plan announced a week ago, in the group's results presentation. Pass this plan To reduce the workforce by 5.5%, or about 300 people. The cuts will impact risk, finance, commercial banking and customer service teams, TSB has informed ITU and reports Reuters.
“The union’s priority now is to reduce the number of layoffs and discuss external recruitment opportunities Try to ensure that any separation is voluntary where possible“, union sources commented to the news agency.
Sabadell CEO, Cesar Gonzalez Bueno, reported in their 2023 results presentation that they have started New plan to improve efficiency in the Telecommunication Standardization Bureau This mentioned plan consists of: Cut costs To focus on your core business, Selling mortgagesWhich I specialized in historically. The CEO also revealed this There will be adjustments to staff and offices, But he did not quantify it because he thought it appropriate for TSB itself to give the details to the workers, as it eventually did.
The banking group has already made several cost adjustments at its British branch, which has been closed 54% of its office network Between 2020 and 2023, and now 19% fewer employees. Thus, the TSB efficiency rate increased from 98% to 71%. But the Catalan Bank's goal is to raise it to 58%. In line with its UK competitor. He says it is not known whether TSB will finally close its offices, because its network is already very small. With 211 offices at street level.
In presenting the results, Sabadell explained that during 2023 TSB costs increased again due to… High salaries and technology costs. So they decided to reduce it Efficiency plan worth 53 million pounds (about 62 million euros) This will have an impact in 2024 and 2025.
Of these 53 million, 29 will be restructuring costs and 24 will be impairment costs. The CEO also pointed out that this £53 million They have already been provided for in the 2023 accounts. Therefore, they expect 77% of the cost savings to be reflected in 2024, and 100% in 2025.
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