Restructuring events
European Restructuring Monitor (ERM)
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.
The Norwegian bank SpareBank 1 SMN will close six smaller offices and cut 100 jobs by the end of 2021. The job cuts are part of an internal restructuring called One SMN where SpareBank 1 SMN will see employees work in larger offices where all business areas will be co-located to increase digitisation, create more efficient work processes, better services and reduce costs. The overall goal is to increase the results of the bank by NOK 400 million by 2023. The bank’s offices in Eide, Malm, Meråker, and Øvre Årdal have already closed, while the bank’s offices in Frosta and Overhalla will close later in 2021. The downsizing will take place voluntarily, and employees can apply for severance packages (seven to 19 monthly salaries paid out depending on age and seniority) negotiated by the union's official representative.
The union representative said that the restructuring had been difficult for employees, especially during the COVID-19 pandemic. Nevertheless, the trade union supports the downsizing measures, which have been agreed with the bank. In addition to the severance packages mentioned above, the trade union has also negotiated a student grant for those employees who decide to leave the bank. ‘It provides good opportunities to learn something new for those who choose to leave the bank, and this measure is in addition to the severance package’, according to union representative Lindseth.
Sparebank 1 SMN is based in central Norway and is part of the SpareBank 1 Alliance. The head office is in Trondheim, and the group, including its subsidiaries, has about 1,500 employees.
Eurofound (2021), Sparebank 1 SMN, Closure in Norway, factsheet number 104560, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104560.
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