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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
1,514 jobs Number of planned job losses
Announcement Date
7 May 2010
Employment effect (start)
10 May 2010
Foreseen end date
30 December 2011
Description
Bank BPH announced it would be making 1514 employees redundant between now and the end of 2011. The bank will no longer sell instalment credits and car loans. No details are given on how the planned job reductions are to be made. BPH's representatives are to meet with trade unions on Friday 7 May.
The Board of the Bank justifies the new strategy with poor recent financial results - in the first quarter of 2010 BPH recorded a net loss of PLN 54 million (approx. EUR 13.5 million) in comparison to a profit of PLN 20 million (approx. EUR 5 million) in the first quarter of last year.
BPH has made a number of mass redundancies in its history. Last year almost 930 people were laid off.
Eurofound (2010), Bank BPH, Internal restructuring in Poland, factsheet number 70517, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70517.
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