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
125 jobs Number of planned job losses
Announcement Date
5 April 2016
Employment effect (start)
Foreseen end date
31 December 2016
Description
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.
Sources
5 April 2016: Cinco Días
15 April 2016: ccoo
Citation
Eurofound (2016), Novo Banco, Internal restructuring in Spain, factsheet number 87153, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87153.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
