Spain’s Banco de Sabadell is reportedly set to proceed with a new restructuring process that may result in new redundancies.
The move was reported by Reuters citing an internal memo. Separately, the Spanish union Comisiones Obreras also confirmed the restructuring.
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The memo said: “The bank’s intention is to negotiate a redundancy plan, which includes both early retirement mechanisms and voluntary redundancies.”
However, it is immediately not clear how many employees will be affected by the latest round of layoffs.
One of the sources familiar with the development told Reuters that around 1,800 jobs may be axed.
The details of the restructuring are expected following a meeting between the bank and the unions scheduled this week.
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By GlobalDataRecently, Sabadell made around 1,817 staff cuts.
This comes as several banks across the world are working to reduce costs and trim its physical presence.
In May, Sabadell announced plans to further reduce expenditure and focus on revenue growth.
Currently, the lender has more than 14,600 employees in Spain.
According to the website, Banco Sabadell is the fourth Spanish private banking group, which includes several banks, brands, subsidiaries and affiliated companies.
Last month, another Spanish lender Caixabank reached an agreement with the unions to lay off a total of 6,452 employees.
The redundancy was said to be the biggest staff overhaul in Spanish banking history. It will reduce Caixabank’s workforce in Spain by 14.5%.
