Lietuva; Kauno apskritis;
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

496 - 1,400 jobs
Number of planned job losses
Job loss
Announcement Date
22 December 2011
Employment effect (start)
22 December 2011
Foreseen end date
6 January 2012


The former commercial, now nationalized Lithuanian bank Snoras will dismiss around 1,400 employees by January 6, 2012. The main cause of dismissals is the bankruptcy of the bank. On 16 November 2011, the Government of the Republic of Lithuania took over the shares of the financially troubled and insolvent commercial bank Snoras. Activities were temporarily suspended.

On 24 November 2011, the Bank of Lithuania declared the bankruptcy of Snoras and decided to initiate the bankruptcy proceedings. An inspection had revealed various problems at the bank including poor asset quality and the lack of correct operating data. Snoras was declared bankrupt on 19 December 2011. Employees received the layoff notice within the following 15 working days. Redundant employees are entitled to severance pay amounting to two months' salary.

According to the newspaper Lietuvos Rytas, around 904 people were re-employed at the nationalized Lithuanian bank Snoras at the end of 2011. Around 500 people will continue working until the end of February 2012, and 400 people until the end of March 2012.


  • 22 December 2011: Verslo zinios
  • 16 January 2012: Baltic News Service


Eurofound (2011), Snoras, Bankruptcy in Lithuania, factsheet number 72910, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72910.