Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

1,500 jobs
Number of planned job losses
Job loss
Announcement Date
23 June 2005
Employment effect (start)
23 June 2005
Foreseen end date
31 December 2005


1,500 employees of the Romanian Savings Bank (Casa de Economii şi Consemnaţiuni, CEC) will be made redundant by the end of 2005. CEC is one of the oldest banks in Romania. At the end of 2004, the company had over 9,100 employees. In terms of assets, the bank ranks fourth in Romania, and currently has 1,400 branches across the country and a 5.5% market share.

The announcement made by the president of the bank also specifies that management representatives were able to sign a collective agreement with company employees, who agreed to the redundancies in exchange for a 10% wage increase starting 1 July 2005. Depending on bank performances in the current year, wages will again increase by approximately 10% starting 1 January 2006.

CEC is a state-owned company, to be privatised shortly. The announcement for take-over offers is to be made by 15 July 2005.


  • 23 June 2005: Ziarul Financiar
  • 23 June 2005: Economistul
  • 24 June 2005: Gandul
  • : (www.gandul.info)


Eurofound (2005), Casa de Economii şi Consemnaţiuni (CEC), Internal restructuring in Romania, factsheet number 61844, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61844.