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.
Citibank, one of the biggest banks in Greece, has announced the closure of half of its branches across the country and 190 employees will lose their job. Citibank will provide a voluntary redundancy program for employees.
According to the Greek media, Citibank announced, on November 24th, its plans to shut down almost half of its branches in Greece after seeing business drop sharply due to the recession. As a result the bank informed staff member that it will close 31 (28 in Attica, 2 in Salonika, 1 in Ioannina) of its 72 branches in Greeceby the end of November with the 190 employees (140 of them working in the branches and 50 at Headquarters) loosing their jobs.
Citibank established offices in Greece in 1964 initially to serve the needs of shipping and corporate clients. The Retail Business expansion started in the 80s. Today, it has a leading position in the Greek market in: Cards, Citigold Personal Banking, Global Transaction Services, Securities, Fixed Income, Securitizations, FX, commodities and derivatives. Citibank has 72 branches in the Greek market and 1,300 employees.
Eurofound (2010), Citybank, Closure in Greece, factsheet number 71227, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71227.
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