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Sabadell UK unit TSB to give staff 1,000 pounds to cope with inflation

·1-min read
FILE PHOTO: Sabadell bank's logo is seen at an ATM machine outside an office in Barcelona

MADRID (Reuters) - British lender TSB, unit of Spanish bank Sabadell, will pay a one-time 1,000 pound ($1,135) bonus to around 4,000 of its staff to help them cope with rising inflation, a Sabadell spokesperson said on Wednesday.

Around three quarters of its employees in Britain will receive 500 pounds in October and another 500 pounds in April, the spokesperson said, confirming a report from Spanish newspaper Cinco Dias.

Senior executives and management will not be entitled to the bonus.

Several British lenders have similarly given thousands of their staff a one-off sum or a pay rise to help them cope with soaring prices, including HSBC, Barclays, Lloyds, NatWest and the U.K. arm of Santander.

($1 = 0.8807 pounds)

(Reporting by Jesús Aguado; editing by Inti Landauro and Jason Neely)