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
1,500 jobs Number of planned job losses
Announcement Date
23 June 2005
Employment effect (start)
23 June 2005
Foreseen end date
31 December 2005
Description
1,500 employees of the Romanian Savings Bank (Casa de Economii şi Consemnaţiuni, CEC) will be made redundant by the end of 2005. CEC is one of the oldest banks in Romania. At the end of 2004, the company had over 9,100 employees. In terms of assets, the bank ranks fourth in Romania, and currently has 1,400 branches across the country and a 5.5% market share.
The announcement made by the president of the bank also specifies that management representatives were able to sign a collective agreement with company employees, who agreed to the redundancies in exchange for a 10% wage increase starting 1 July 2005. Depending on bank performances in the current year, wages will again increase by approximately 10% starting 1 January 2006.
CEC is a state-owned company, to be privatised shortly. The announcement for take-over offers is to be made by 15 July 2005.
Eurofound (2005), Casa de Economii şi Consemnaţiuni (CEC), Internal restructuring in Romania, factsheet number 61844, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61844.
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