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 - Financial service activities, except insurance and pension funding
1,000 jobs Number of planned job losses
Announcement Date
11 May 2005
Employment effect (start)
Foreseen end date
Description
Abbey has announces the cutting of an extra 1,000 posts in the UK. This takes the total number of planned job losses since takeover by Banco Santander Central Hispano to over 4,000. When Spain's BSCH took over Abbey they said 3,000 would be lost as a result of the takeover. Abbey bank employs 25,000 staff in the UK, and the new job cuts will mainly affect workers in backroom operations. An angry Hugh Scullion of the Amicus union said the announcement was ‘typical of the way Banco Santander have managed Abbey since they bought the group'
Sources
11 May 2005: The Guardian
11 May 2005: BBC News
Citation
Eurofound (2005), Abbey, Internal restructuring in United Kingdom, factsheet number 61583, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61583.
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