(Bloomberg) --
Top executives at Banco de Sabadell SA will waive their bonuses for 2020 in response to the coronavirus crisis.
Sabadell's chairman, its chief executive officer and other top managers including the board at its U.K. unit TSB won't receive any variable pay for 2020, the bank said in an emailed statement. The decision will be presented to an extraordinary board meeting to be held on Wednesday.
Banks across Europe are responding to a call by the European Central Bank to preserve capital that can be allocated to additional lending and for absorbing losses stemming from the economic crisis in the wake of the Covid-19 outbreak. Spain on Tuesday reported an increase in daily coronavirus deaths and new cases, suggesting the government has yet to bring the disease under control.
Among other measures Sabadell is considering proposing is also scrapping or reducing its 2020 dividend, a person with knowledge of the matter told Bloomberg on April 2.
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