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
160 jobs Number of planned job losses
Announcement Date
20 January 2014
Employment effect (start)
Foreseen end date
Description
As a result of the merger between the banking groups Banco Sabadell and Banco Gallego, 160 employees will lose their jobs. These cuts will mainly affect the former workers of Banco Gallego.
The company aims to cut these positions via 100 dismissals and an early retirement scheme for 60 workers.
The unions expect to reduce the number of job reductions to 140. As to date, the measure is being negotiated. The negotiation process will end the next week.
Eurofound (2014), Banco Sabadell, Bankruptcy in Spain, factsheet number 76461, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76461.
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