Banco Sabadell has named José Luis Armengol as its new chief executive officer, succeeding César González-Bueno, who is stepping down after a six-year tenure. The leadership change underscores the bank’s ongoing efforts to stabilize operations and improve performance in a challenging European banking environment.
- José Luis Armengol appointed CEO effective March 1, 2026
- César González-Bueno steps down after six years in leadership
- Sabadell reported €237 million net profit in 2023, down 38% from 2022
- ROE below 5% in 2023, compared to 7.9% for Santander and 8.2% for BBVA
- 12% workforce reduction and 42 branch closures planned to cut costs by €180 million by 2027
- Stock rose 2.3% following announcement, closing at €1.72 on Feb 5, 2026
Banco Sabadell has officially appointed José Luis Armengol as its new chief executive officer, effective March 1, 2026. The appointment follows the announced departure of César González-Bueno, who has served as CEO since 2020. Armengol, currently the bank’s chief operating officer, brings over 25 years of experience in financial services and had previously held leadership roles in risk management and digital transformation. His appointment marks a pivotal moment in Sabadell’s strategic evolution, as the bank aims to strengthen its balance sheet and regain market confidence. González-Bueno’s tenure saw the bank navigate the aftermath of the 2022-2023 credit tightening period, during which Sabadell’s net profit declined by 38% in 2023, reaching €237 million. While the bank maintained a tier-1 capital ratio of 14.5% as of year-end 2024, its return on equity (ROE) remained below 5%, lagging behind peers such as BBVA (8.2%) and Santander (7.9%). Analysts view Armengol’s leadership as critical to closing this performance gap and advancing Sabadell’s digital banking platform, which currently serves 8.6 million customers across Spain and Latin America. The transition comes amid broader restructuring efforts, including the closure of 42 underperforming branches and a 12% reduction in non-essential staff. These measures are expected to cut annual operating costs by €180 million by 2027. Sabadell’s stock, trading at €1.72 as of February 5, 2026, rose 2.3% in early trading following the announcement, signaling market optimism about the change in leadership and reform agenda.