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
1,585 jobs Number of planned job losses
Announcement Date
8 November 2017
Employment effect (start)
Foreseen end date
Description
Banco Santander has announced a restructuring affecting 1,585 workers. This decision has been taken following the acquisition of Banco Popular: workers from Banco Popular became employees of Banco Santander and some adjustment was needed. Although Banco Santander announced in the first phase that dismissals would only affect central services of Banco Popular, dismissals will finally affect 57 bank branches. The cities most affected will be Madrid (14), Barcelona (5), Valencia (4), Sevilla (3), Málaga (2) and Coruña (2). In addition, internal mobility measures will be implemented, affecting 575 employees. Negotiations with the trade unions are due to start shortly. The direction of Banco Santander expects short negotiations with a view to implement the employment adjustment as soon as possible. Trade unions hope that an agreement similar to the one which took place in April 2016 can be reached and that voluntary departures will be given priority over direct dismissals.
Sources
8 November 2017: El País
9 November 2017: El Confidencial
Citation
Eurofound (2017), Banco Santander, Merger/Acquisition in Spain, factsheet number 92477, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92477.
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