We will see the other banks do the same in the coming quarters," Manzano said. Sabadell made some progress in reducing costs in Spain in the third quarter. The bank's operating expenses in the country fell 3.76% year over year to €512 million. Sabadell agreed a deal with unions to shed 1,800 jobs in November 2020, shortly before Santander announced its cost-cutting plan. Sabadell has since disclosed two further programs of cuts, one set to finish in the fourth quarter of 2021 with a net cost reduction of €70 million and another announced in May targeting €100 million in gross savings per year by the end of the first quarter of 2022. The bank has significant operations in the U.K. through its ownership of TSB, where it has also reduced costs. CaixaBank and BBVA, which along with Santander and Sabadell make up Spain's four largest lenders by total assets, reported little to no progress on Spanish costs in the most recent quarter.