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 19 March, Citi Handlowy announced plans to cut 590 jobs and shut down some branches in small towns across Poland. The bank is to change its business strategy and now aims at focusing only on selected categories of clients (wealthier and living in big cities).
The dismissals are a part of the strategic plan for 2012-2015 which has already been approved by the governing board. It came in response to the economic forecasts for Poland envisaging decrease in private consumption.
The timeline for the restructuring is yet to be announced.
Eurofound (2012), CitiHandlowy, Internal restructuring in Poland, factsheet number 73620, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73620.