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 64.19 - Other monetary intermediation
973 jobs Number of planned job losses
Announcement Date
3 June 2011
Employment effect (start)
Foreseen end date
Description
The labour authority has approved the redundancy plan presented by the Saving Bank CAM which will affect 973 employees. The job cuts will be mainly implemented through early retirement (accounting for 850 of the total job losses). The restructuring will result in the closure of 120 branches located in different cities (Alicante, Valencia, Murcia, Balearic Islands, Sevilla, etc.). The job losses are blamed on the financial crisis, which, in Spain, is hitting hard the saving banks, and the agencies of the Spanish Central Bank.
Sources
3 June 2011: Expansión
Citation
Eurofound (2011), La Caja del Mediterráneo (CAM), Internal restructuring in Spain, factsheet number 72032, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72032.
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