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.
BBVA, a large financial services firm, is to create 200 jobs in Andalusia but simultaneously cut 300 jobs across Spain. The background of the case lies in the decision of BBVA to develop an operative centre in Andalusia to support the firm's operations across Spain. The new centre will manage many of the back-office functions of the whole firm, including the daily administrative functions of other branches. This restructuring will create 200 new jobs in Andalusia and will, according to the firm, allow staff in other branches to become more productive. As part of this plan, 300 job losses across BBVA's sites in Spain are to be implemented. According to several sources, those workers affected by the job losses will either be offered the option of relocation or early retirement.
Eurofound (2007), BBVA, Internal restructuring in Spain, factsheet number 65728, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65728.