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.
Banca Comerciala Romana (BCR), a subsidiary of the Austrian group Erste, announced the intention to dismiss 1,600 employees over the next 18 months.
The restructuring plan includes the closure of more than 60 unprofitable branches and a decrease in the number of employees in Romania from 9,100 to 7,500 persons. The dismissals have just been approved by the management and they are yet to be negotiated with the unions.
The restructuring is attributed to the forecasts of another difficult year for the banking sector and the need to make strategic changes and cut costs. Despite the closure of 60 branches, according to reports, there are also plans to open 20 new ones in other areas.
Eurofound (2012), Banca Comerciala Romana (BCR), Internal restructuring in Romania, factsheet number 74694, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74694.