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
930 - 2,508 jobs Number of planned job losses
Announcement Date
4 January 2013
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2017
Description
Novagalicia Banco has proposed a Redundancy Procedure affecting 930 employees in 2013. In addition, according to the restructuring plan, 1578 more workers will be made redundant by 2017. Furthermore, 327 branches will have been closed by 2015.
Novagalicia is a financial conglomerate formed in 2011, merging the operations of 2 regional savings banks, Caixanova and Caixa Galicia. In the same year it was taken over by the state-aid banking fund Frob, thus being nationalized.
Sources
4 January 2013: Cinco Días
Citation
Eurofound (2013), Novagalicia Banco, Merger/Acquisition in Spain, factsheet number 74776, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74776.
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.
