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.
On 28 July 2017, the Spanish bank Santander announced it will close approximately 100 of its 300 branches in Germany. Furthermore, the bank will merge the distribution networks of Santander Consumer Bank and Santander Bank. In total, an estimated 600 jobs in sales and administration will be cut between 2018 and 2020.
Specifically, 350 jobs will be cut in Santander's sales department as well as 100 jobs at headquarters in Mönchengladbach. Santander will close its site in Frankfurt that currently counts 150 employees.
In an official statement, Santander officials refer to plans to create a ‘modern omni-channel bank’ in response to changing consumer patterns and digitalisation. The job reduction and transition process will include socially sustainable solutions such as partial retirement and natural attrition.
Eurofound (2017), Santander Consumer Bank, Closure in Germany, factsheet number 91722, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91722.
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