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
750 jobs Number of planned job losses
Announcement Date
11 February 2020
Employment effect (start)
Foreseen end date
Description
The bank Ibercaja has announced to workers representatives a workforce adjustment plan affecting up to 550 employees (10% of the workforce) and the closure of 160 offices (15% of total). The company argues the adjustment is due to economic and productive reasons. Unions demand voluntary retirements plans together with decent dismissal conditions, and that the remaining employees should not be forced to change work location.
Update 29/5/2020:Ibercaja and unions have agreed to cancel the adjustment workforce plan because of the current economic uncertainty due to the impact of the COVID-19 crisis. Therefore, the company has announced that they will cancel the negotiation process, although Ibercaja informs that a new adjustment plan can be implemented in the future once the situation changes.
Update 08/01/2021:Ibercaja and unions (CC. OO., Apeca Fine, ACI and Asipa) have agreed a collective redundancy plan continuing the previous restructuring process cancelled by the outbreak of the Covid-19 crisis. This plan affects 750 employees (mainly through early retirement and voluntary leaves), in addition to involving the closure of 199 offices. In regard to compensatory conditions, workers born between 1961 and 1963 will be compensated with 85% of their salary until they reach 63 years of age. As for the rest of those affected, those born before 1961 and those born in 1964 will receive 75% of their salary, while those born in 1965 leaving will receive 65% of the salary. Younger employees who wish to leave voluntarily will receive their wages for 24 months.
Eurofound (2020), Ibercaja, Internal restructuring in Spain, factsheet number 99806, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99806.
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.
