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.
Santander Consumer Bank, a Spanish bank specialising in consumer credit, recently announced its decision to close its 21 branches in Italy. This decision is expected to affect 738 employees.
Following the company's decision, the trade unions expressed concern at the decision and announced that they would oppose the dismissals. Therefore, a meeting between the trade unions and the company is planned to seek alternative solutions.
The bank's reorganisation plan was decided upon as a result of the difficult financial environment, increases in inflation and the development of digital channels.
Eurofound (2023), Santander Consumer Bank, Closure in Italy, factsheet number 200307, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200307.