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 - Financial service activities, except insurance and pension funding
1,000 jobs Number of planned job losses
Announcement Date
24 February 2016
Employment effect (start)
15 March 2016
Foreseen end date
31 December 2017
Description
Eurobank, one of the leading financial institutions in Greece, has announced that it will implement a voluntary departure scheme for 1000 employees.
According to Greek newspapers (February 24th, 2016) Eurobank is one of the four Greek core banks to implement a voluntary exit programme . The bank will submit its voluntary exit programme to the Hellenic Financial Stability Fund (HFSF) for the necessary approval in the next few weeks. The new round of expenditure cuts in terms of reducing staff, branches and operating costs is in accordance with the restructuring plans that the bank's management has agreed with the European Commission’s competition authorities.
The Eurobank group has total assets of €73.8 billion and 16,662 employees globally. Established in 1990, the Group expanded through organic growth and acquisitions to become a leading force with a total network of over 960 branches in Greece and abroad. It is one of the four "pillars" of the Greek private banking system. The Group also holds a strategic position in retail and business banking in Bulgaria, Romania and Serbia as well as wealth management services in Cyprus, Luxembourg and London. It is also active in Ukraine.
Sources
24 February 2016: Imerisia
Citation
Eurofound (2016), Eurobank, Internal restructuring in Greece, factsheet number 86590, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86590.
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