Banco Sabadell to cut 11pc of branches in 2017

MADRID: Banco Sabadell will close 11 per cent of its bank branches in Spain next year, a source at the bank said on Friday, as Spanish lenders continue to slash costs to offset eroded margins. The 250 branches Spain’s fifth largest bank will close are in addition to 92 branch closures over this year, the source said, and would enable Sabadell to adapt to increasing consumer demand for online services. The closures will lead to the relocation or early retirement of 800 employees, the source said. Spanish newspaper Expansion reported, however, that all would be cut from the workforce. — Reuters