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Sabadell to speed up cost cutting at TSB, chief executive says
TSB-owner Banco Sabadell is planning to speed up cost-cutting measures at the British lender, the Spanish lender’s chief executive said.
A cost reduction plan at TSB that was initially set to take three years will now be implemented over two years, said Jaime Guardiola.
TSB announced plans to axe a third of its branches last month with the loss of 900 jobs as it grapples with the impact of Covid-19.
The lender said at the time that the cuts, which will cut TSB’s workforce by 10 per cent, were part of its three-year plan to trim spending.
City A.M. has contacted TSB for comment.
More to follow.