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.
Comunidad Valenciana, Balearin Island, Murcia and Catalonia
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
1,250 jobs Number of planned job losses
Announcement Date
30 May 2012
Employment effect (start)
1 October 2012
Foreseen end date
Description
As a result of the merger between Banco Sabadell and Banco CAM 2,200 employees will lose their jobs. As announced, the restructuring will result in the closure of 450 branches located in different cities. The measure is an exigency of the public authorities. Banco CAM (Caja de Ahorros del Mediterráneo) is one of the entities which received public funding from the FROB fund (Fondo de Reestructuración Ordenada Bancaria). The restructuring program will affect the former units of Banco CAM (60% of the adjustments are to be made there), and in the second place - the units of Banco Sabadell. The dismissals will start in autumn 2012.
Update 28-08-2012 The company has announced that the measure would affect 1,773 employees.
Update 10-10-2012 As announced the final number of the employees affected by the redundancy procedure is 1,250 people.
Sources
30 May 2012: La Vanguardia
28 August 2012: Expansión
10 October 2012: La Vanguardia
Citation
Eurofound (2012), Banco Sabadell, Merger/Acquisition in Spain, factsheet number 73749, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73749.
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