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.
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.
Banco Gallego was taken over by Banco Sabadell in April 2013. Already in 2012, Sabadell was involved in a merger that was to lead to the dismissal of 1,250 workers.
Eurofound (2014), Banco Sabadell, Bankruptcy in Spain, factsheet number 76461, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76461.