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 64.1 - Monetary intermediation
379 jobs Number of planned job losses
Announcement Date
4 March 2019
Employment effect (start)
4 March 2019
Foreseen end date
31 December 2019
Description
First Bank, a Romanian bank owned and managed by U.S. investment firm J.C. Flowers & Co., has announced plans to close or merge 40 branches all over Romania. As a result, 379 employees will be made redundant. The bank aims to accelerate the process of digitalisation and redesign its internal processes in order to support the integration of new technologies, while aiming to increase its market share through the launch of streamlined products and through possible acquisitions.
First Bank is based in Bucharest and provides a broad range of products and services targeting both domestic and international customers, including retail, SME and corporate banking services. The bank operates through 100 branches and has a workforce of about 1,300 people.
Eurofound (2019), First Bank, Internal restructuring in Romania, factsheet number 97386, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/97386.
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