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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
488 jobs Number of planned job losses
Announcement Date
7 July 2023
Employment effect (start)
7 July 2023
Foreseen end date
31 December 2024
Description
The Spanish Insurance group GCO, Grupo Catalana Occidente, has reached an agreement in July 2023 to implement a voluntary redundancy plan that includes a maximum of 488 voluntary departures. The plan focuses exclusively on structural staff members, and the locations affected are spread all over Spain.
The aim behind this restructuring is to achieve a better organisational fit for the corporate merger of Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao, and GCO Reaseguros, scheduled for the end of 2023. Up to 488 structural employees are eligible for voluntary redundancy. The agreement was reached with most of the unions representing the workforce, namely CCOO, CGT, UGT and SICO. The plan was previously announced by GCO in December 2023. The consensus between GCO management and employee representatives was reached at the beginning of July, after a six-month period of information and consultation. The programme will be implemented over a year and a half, encouraging the voluntary departure of those closest to retirement.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
