Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Wizink bank specialised in credit cards has announced a collective layoff plan affecting 144 employees out of a total of 1,520 in Spain. This decision is due to the problems derived from COVID-19 and the consequent drop in credit consumption, but also due to the economic consequences of a Supreme Court ruling on the interest rate linked to revolving cards. Thus, the company has set aside €142 million of its budget for court cases. In any case, the income balance account was positive last year (2% incomes increase and 13% cost reduction) and the bank is looking at widening its commercial offer to include services other than credit cards.
Eurofound (2020), Wizink, Internal restructuring in Spain, factsheet number 101076, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101076.