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
2,510 - 2,710 jobs Number of planned job losses
Announcement Date
18 December 2016
Employment effect (start)
Foreseen end date
Description
Bankia has informed the trade unions on its proposal of employment adjustment resulting from the acquisition of bank Banco Marenostrum (BMN). Bankia has proposed to dismiss 2,510 workers from the central services and the commercial network. This figure represents 14% of the entire workforce of both banks. More specifically, the employment adjustment proposed will affect 1,188 employees from the Bankia and BMN branches and 817 from the central services of both banks. Most of the dismissals will affect Madrid, Valencia region and Andalusia. The trade unions, however, have demanded the company direction to reduce the number of dismissals from 2,510 to 1,800. On the top of that, Bankia plans to implement around 200 additional dismissals due to digitalization effects.
Sources
18 December 2017: ABC
11 January 2018: El Confidencial
Citation
Eurofound (2016), Bankia, Merger/Acquisition in Spain, factsheet number 93005, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93005.
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