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.
Portuguese bank Novo Banco has announced 625 jobs will be lost from its Portuguese and Spanish operations in this restructuring. This aims to reduce operating costs by around 150 million euros and return to profit, as part of a deal agreed with Brussels. One of the causes of this decision being taken, along with losses in 2015 of just under one billion euros, was a failed attempt to sell the bank. Novo Banco's profit making Asian operations will be unaffected.
The Spanish subsidiary has negotiated with trade unions to cut 125 jobs, with higher severance pay than statutorily required and benefits for workers aged 55-60. Portugal's employees will be a combination of direct dismissals and terminations by mutual agreement, and negotiations with the General Union of Workers (UGT) are ongoing.
Eurofound (2016), Novo Banco, Internal restructuring in European Union, factsheet number 87304, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87304.
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