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Banco Sabadell's senior management to forego 2020 bonus

Reuters - UK Focus
·1-min read

MADRID, April 7 (Reuters) - Banco Sabadell on Tuesday said its senior management, including executive chairman Josep Oliu and chief executive officer Jaime Guardiola, will forego any bonus for 2020 as part of the bank's effort to help mitigate the impact from the coronavirus crisis.

The bank also said the top management of its British business TSB, including CEO Debbie Crosbie, would give up any variable remuneration for 2020.

"It is an act of responsibility at a time when all of us need to act with the utmost commitment and solidarity," Oliu said in statement.

The decision will be formally announced at an extraordinary board meeting on April 8, Sabadell said, without giving any further detail about the amounts of money they would forego.

Sabadell's action on bonuses echoes similar decisions undertaken by senior executives at Spanish banks BBVA and Caixabank. Two weeks ago, Santander also said its top executives would take a 50% pay cut. (Reporting By Jesús Aguado; editing by Jane Merriman)