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.
Barclays Bank has proposed its employees’ representatives an employment adjustment plan affecting 1,120 employees (around 50% of its entire workforce). The dismissals are attributed to economic, organisation and production reasons. According to the company, the measure is intended to guarantee the economic viability of the bank. Most of planned dismissals will occur in Madrid, with 641 job losses in central services and 130 in the brand network. However, offices located in other Spanish cities such as Barcelona will also be affected. The trade unions see the number of dismissals as “excessive” and will propose alternative measures.
Barclays Bank was merged into CaixaBank in 2014.
Update 12-02-2015
Spanish bank, CaixaBank has offered to relocate 200 staff from Barclays to offices in Catalonia, Madrid and other companies within the CaixaBank group. Workers relocated in other companies within the CaixaBank group would receive a severance pay equal to 20 days per year worked up to a maximum of 12 months. In addition, the company has offered early retirement measures for workers older than 53. For the rest of the workers, the company is offering a severance pay equal to 30 days per year worked up to a maximum of 22 months. The trade unions CCOO and UGT are asking for a reduction of the workers affected. They also propose to implement all the dismissals on a voluntary basis.
Update 26-02-2015
Caixa Bank, the new owner of Barclays, has agreed with the trade unions to reduce the number of dismissals from 1,120 to 975. Moreover, the firm has accepted to relocate 727 employees. The company has committed itself to relocate internally between 250 to 300 employees. The remaining employees will be relocated externally by means of an outsourcing company. Employees who decided they do not want to be relocated, will have until the end of 2015 to join a voluntary redundancy scheme.
Eurofound (2015), Barclays Bank, Merger/Acquisition in Spain, factsheet number 78094, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78094.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
