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 Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
330 jobs Number of planned job losses
Announcement Date
16 June 2004
Employment effect (start)
Foreseen end date
1 October 2004
Description
Alliance & Leicester announced that it is to close one in seven of its branches. Such large scale redundancies in the branch network seems to be counter to the trend among retail banks such as Barclays which have been recruiting more front-line staff to deal with customers face to face. The former building society is to shut 46 outlets employing 330 people by October. The Alliance & Leicester Group Union of Staff (Algus) believes the timing of the closures breaches an agreement with the bank, prompting the union to consult its lawyers. An A&L spokesman said the bank would try to offer redeployment opportunities to the 330 staff affected by the branch closures but could not rule out compulsory redundancies.
Sources
17 June 2004: The Guardian
Citation
Eurofound (2004), Alliance & Leicester, Merger/Acquisition in United Kingdom, factsheet number 60391, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60391.
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