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.
On 10 August 2005, the largest bank in Spain BSCH (Banco Santander Central Hispano) has presented a job reduction plan creating 800 redundancies out of 20,600 employees. The plan includes early retirement measures.
On 18 October 2005, the bank announced it has already agreed on the early retirement of 615 employees but that a total of 900 employees will be dismissed. Other measures include the hiring of 900 employees ( 750 in branches and 150 in central services). Within the new employed, 48% will be employed through temporary contracts, 35 % will be new graduates, and only 17 % will have permanent contracts. The labour representatives have agreed on the measures.
Eurofound (2005), Banco Santander Central Hispano, Internal restructuring in Spain, factsheet number 62097, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62097.