Spanish bank Sabadell will fire at least 1,380 workers

This number could reach as high as 1,650.

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.

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