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.
The bank Banco Caixa Geral (BCG) will dismiss 226 employees in Spain. This follows an agreement with worker representatives that aims at 48 less dismissals than initially planned by the bank.
In total, the bank will close 48 branches in Spain. Further 15 branches will be taken over by savings bank Caixa Rural de Almendralejo, including a transfer of 28 staff.
Dismissed workers will receive compensation equal to 30 days per year worked up to a maximum of 30 months. Dismissed workers older than 57 years old will receive compensation equal to 70% of their gross salary.
BCG is a subsidiary of Portuguese state-owned bank Caixa Geral de Depositos (CGD).
Eurofound (2013), Banco Caixa Geral, Internal restructuring in Spain, factsheet number 76307, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76307.