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 Bank Santander Totta, SA announced that a restructuring plan will be implemented by the end of the year. This process will affect 685 workers from different areas of the central services and the bank's commercial network. According to management, the workers affected by the redundancy plan were selected based on transparent and objective criteria. Workers aged over 55 will be offered early retirement.
All workers affected by the restructuring plan will be notified and will be informed of the proposed conditions by 15 July 2021. Workers may also submit their responses to the administration by 19 August 2021.
Update - 21/10/2021: Until the moment, 455 workers agreed to exit Santander Totta by mutual agreement or early retirement, as part of its ongoing restructuring programme. The remaining 230 workers with whom no agreement was reached could be covered by collective dismissal.
Update - 27/10/2021: 85 additional workers agreed to exit Santander Totta by mutual agreement or early retirement. Banco Santander Totta announced the collective dismissal of 145 workers taking place on January 2022. The unions representing Santander Totta workers in Portugal defend the suspension of this process and filed an injunction in court, which was refused on 26 October 2021. The unions will appeal the decision.
Eurofound (2021), Santander Totta, Internal restructuring in Portugal, factsheet number 104956, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104956.
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