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
250 jobs Number of planned job losses
Announcement Date
29 October 2008
Employment effect (start)
Foreseen end date
Description
The investment banking services company FIM starts personnel negotiations concerning the whole personnel of 250 employees in Finland.
These actions are to an effort to improve efficiency.
On 15 October 2008, the Financial Supervision Authority (FIN-FSA) abrogated the prohibition of execution imposed on Glitnir Bank Ltd on 6 October in respect of transfer of assets to the parent company Glitnir Corporation and to foreign undertakings belonging to the Glitnir Bank hf. group. The ownership of Glitnir Corporation was transferred from Glitnir Bank hf. to the management of Glitnir Bank Ltd on 14 October. As Glitnir Bank no longer belongs to the Glitnir Bank hf. group, there are no grounds for the ban imposed on asset transfers.
A new board was elected to the company at the extraordinary general meeting held on 15 October. Glitnir Bank will reinstate the former name FIM. FIM will continue operations on the basis of existing banking authorisation.
Sources
29 October 2008: Helsingin Sanomat
Citation
Eurofound (2008), FIM, Internal restructuring in Finland, factsheet number 67472, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67472.
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