Spanish lender Sabadell plans to cut 1,900 jobs, union says

Sabadell is planning to cut 1,900 jobs in Spain, union Comisiones Obreras (CCOO) said on Thursday, as part of the bank's plans to boost profitability and fend off growing competition from fintech companies.

A source with knowledge of the labour negotiations said the bank expects to reach an agreement with unions towards the end of October. Sabadell declined to comment.

Spanish and European lenders are pursuing strategies to adapt to a customer shift towards online banking and cut costs, either by themselves or through tie-ups, as their overall profitability is also hit by rock-bottom interest rates.