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.
Citibank's Spanish subsidiary has announced the intention to apply for a labour force adjustment plan affecting 200 employees. The measure is blamed on the need to guaranty the bank's long-term viability in Spain by adapting the business to the current market situation. The firm's current Spanish workforce numbers around 1,000 employees.
Citibank has recently reached an agreement with UGT and CCOO, which are representing its workers. The agreement includes an early retirement programme for employees of 50 years or older, while another programme offers small incentives with salary- and service length-linked compensation of 70 days for those who have served a year or more at the company. The agreement also encourages geographical mobility for staff in branches that are being closed or merged.
The agreed measures can be taken up by workers until 13 September, with the deadline for contract finalisation being 15 January 2012.
Eurofound (2011), Citibank, Internal restructuring in Spain, factsheet number 72544, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72544.