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.
Spanish Bank BBVVA plans to dismiss 1,600 employees following the acquisition of the Spanish bank Catalunya Banc. Shortly after the acquisition had been confirmed, BBVVA announced the closure of 20% of Catalunya Banc's branches with the dismissal of 20% of its total workforce.
The labour force adjustment will be implemented over the next three years. As of April 2015, there is no information on the timeline of the job cuts. Negotiations between the company management and the trade unions have not started yet and no information about compensatory measures (severance pay, etc.) to be offered to the affected employees has been so far released.
Updated 12-06-2015: The bank has announced that the number of workers affected by the dismissals will be 2,000. The bank has also announced the intention to implement the job cuts through early retirements, voluntary redundancies and relocations to other companies within the group. Discussions with the trade unions will start shortly.
Updated 24-09-2015: On the 31st of July the company and the trade unions agreed to reduce the number of workers dismissed from 2000 to 1557. A total of 1,066 employees at Spanish bank, CatalunyaBanc, have volunteered to take part in its labour force adjustment plan. Moreover, 400 employees will be relocated and 91 will be dismissed. The plan will be implemented at the beginning of 2016
Eurofound (2015), BBVA, Merger/Acquisition in Spain, factsheet number 83619, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83619.
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