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 64.19 - Other monetary intermediation
3,223 - 4,000 jobs Number of planned job losses
Announcement Date
22 November 2018
Employment effect (start)
Foreseen end date
31 December 2019
Description
Banco Santander, a Spanish multinational commercial bank and financial services company, and unions have signed a protocol of good practices for the next process of restructuring as the bank integrates Banco Popular, another failing Spanish bank bought / rescued by Santander in 2017. The restructuring will affect the group's network of offices throughout Spain. The unions UGT and STS have reported that the process will affect around 4,000 employees (17% of its total workforce).
This protocol also contemplates that the bank will prioritize voluntary exits, such as voluntary redundancies or early retirements, over forced exits.
Banco Popular earlier carried out a collective dismissal plan between 2016 and 2017, weeks after Santander bought the bank. The process affected 2,592 employees.
Updated, 17/06/2019:
Banco Santander and the majority of employee representatives signed an agreement finalising the negotiations. The plan involves 3,223 job cuts (13% less than originally proposed). The agreement offers different early retirements plans for workers above 50 years old of age or with a minimum of 15 years of seniority. For the rest of the affected workers, the unions and the bank agreed to compensation of 40 days per year worked, with a maximum of 24 monthly payments. Cuts are forecast to be closed at the end of the year.
Sources
Citation
Eurofound (2018), Banco Santander, Merger/Acquisition in Spain, factsheet number 96280, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96280.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
