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
1,200 jobs Number of planned job losses
Announcement Date
1 April 2016
Employment effect (start)
Foreseen end date
Description
The Spanish bank Banco Santander is planning to close 425 branches. On 6 April bank managers informed trade unions that this would imply the loss of 1,200 jobs (around 5% of its entire workforce). The measure is explained as a result of a drop in the revenues and the decrease in the use of the offices. According to the company, online services are replacing services offered in the offices. Due to this, the bank aims to keep only the largest branches. Management has stated it intends to offer voluntary redundancy and early retirement as part of the restructuring, but has not specified in what proportion. The company and the unions will start negotiations in the following days. According to the trade union UGT, the bank is taking advantage of the new labour legislation that allows cheaper dismissals.
Sources
1 April 2016: El País
1 April 2016: El Mundo
6 April 2016: El Mundo
Citation
Eurofound (2016), Banco Santander, Internal restructuring in Spain, factsheet number 86915, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86915.
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