Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

125 jobs
Number of planned job losses
Job loss
Announcement Date
5 April 2016
Employment effect (start)
Foreseen end date
31 December 2016


The Spanish subsidiary of the bank Novo Banco has agreed with the company's trade unions to initiate a labour force adjustment affecting 125 workers. This is a reduction from the company's initial proposal, which suggested a dismissal of 145 workers. Severance pay agreed will be higher than required by new Spanish regulation (20 days per year worked). Instead workers will receive severance pay equal to 33 days per year worked up to a maximum of 24 months. Employees who are older than 54 years will be able to avail of a special programme which entitles them to receive 85% of their current wage until they are 60 years old. 


  • 5 April 2016: Cinco Días
  • 15 April 2016: ccoo


Eurofound (2016), Novo Banco, Internal restructuring in Spain, factsheet number 87153, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87153.