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.
According to Press reports, Piraeus Bank has announced a new plan for voluntary redundancies for its employees in the context of the implementation of the “Sunrise” project to transform and reduce operating costs in a context of digitisation of existing processes on the one hand and perceived overstaffing on the other.
The voluntary packages are considered by the bank to be generous, with benefits of up to 180-200,000 euro retention of many existing benefits – including health coverage extended for 5-10 years for staff and family members. In addition, early applicants – those applying within two weeks of announcement – were to receive an additional 5% bonus.
Applications will start from 5 November 2021 and will finish on 30 November. The plan targets the exit of 500 employees. Of these, 200 employees will come from support services (data entry services units) that the Bank will split off, creating a new subsidiary which it will sell to a strategic investor. The remaining 300 employees are working in province branches where, according to the Bank, there is overstaffing.
Eurofound (2021), Piraeus Bank , Internal restructuring in Greece, factsheet number 105526, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105526.