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
2,500 jobs Number of planned job losses
Announcement Date
25 October 2005
Employment effect (start)
Foreseen end date
Description
Banco Santander are looking to cut the workforce again at Abbey National, the high street bank they bought by in 2004. Experts have fixed the scale of future cuts at 2,500 jobs going in the next two years on top of the 4,000 already lost. Such further cuts would mean that, in all, a quarter of the workforce had been cut by Santander. An Abbey official said: ‘We never ruled further cuts out. We have been speaking to the union about future plans, but obviously can't comment on the nature of those plans.'
Sources
25 October 2005: The Guardian
Citation
Eurofound (2005), Abbey, Internal restructuring in United Kingdom, factsheet number 62460, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62460.
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