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 64.1 - Monetary intermediation
4,500 jobs Number of planned job losses
Announcement Date
30 November 2012
Employment effect (start)
15 February 2013
Foreseen end date
Description
Bankia, the fourth largest bank in Spain, will dismiss over 6000 employees, 28% of its entire workforce. The number of branches will be reduced from 3,117 to approximately 1,900-2,000.
The restructuring plan was a key term of the agreement by which Bankia will receive 17,959€ million of European bail-out funds. According to the management, Bankia is expected to become profitable again in 2013, after record losses in 2012.
The negotiations with the unions are expected to start as soon as possible.
UPDATE February 2013: Bankia and the unions have agreed to reduce the number of dismissals. There will be 4,500 redundancies, with severance pay equal to 30 days per year worked. 39% of the job cuts will be early redundancies for employees over 54.
Bankia is a financial conglomerate formed in December 2010, merging the operations of 7 regional savings banks that were deemed too weak to survive the crisis. The bank was partially nationalized in May 2012 by the Spanish government in order to avoid its collapse.
Sources
30 November 2012: Cinco Días
6 February 2013: El País
Citation
Eurofound (2012), Bankia, Internal restructuring in Spain, factsheet number 74593, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74593.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
