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 National Bank of Greece, one of the leading financial institutions in Greece, is about to implement a voluntary departure scheme for 1600 employees.
According to Greek newspapers (February 24th, 2016) the National bank of Greece is one of the four Greek core banks to implement a voluntary exit programme. The bank will submit its voluntary exit program to the Hellenic Financial Stability Fund (HFSF) for the necessary approval in the next few weeks. The new round of expenditure cuts in terms of reducing staffs, branches and operating costs is in accordance with the restructuring plans that the bank's management has agreed with the European Commission’s competition authorities.
The group operates in 12 countries and controls - in addition to the NBG itself - 9 banks and 63 companies providing financial and other services. It has a workforce of 34,554 employees and a wide distribution network of products and services abroad (1,204 units) as well as a domestic network of 528 branches (as of 30.09.2015).
Eurofound (2016), National Bank of Greece, Internal restructuring in Greece, factsheet number 86587, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86587.