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 64.19 - Other monetary intermediation
1,200 jobs Number of planned job losses
Announcement Date
30 November 2010
Employment effect (start)
Foreseen end date
Description
The saving banks Caixa Nova and Caixa Galicia have signed a merger agreement in order to handle the negative consequences of the financial crisis. The new saving bank created with the merger will be named Nova Caixa Galicia. The merger agreement envisages the implementation of a redundancy procedure affecting 1,200 employees. The redundancies will be implemented through early retirement and will only affect workers older than 55 years. The redundancy plan has been agreed with the unions CCOO and CSICA, which account for 65% of the works council members.
Sources
30 November 2010: El Mundo
Citation
Eurofound (2010), Nova Caixa Galicia, Merger/Acquisition in Spain, factsheet number 71981, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71981.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
