- 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
- Announcement Date
- 27 February 2018
- Employment effect (start)
- 4 March 2018
- Foreseen end date
- 10 March 2018
On 27 February 2018, the CEO of the bank announced in a press conference that ABLV bank is going to lay off 300 employees next week. He said that the bank is laying off finance and marketing experts, among others. The bank has more than 900 employees in total.
On 13 February 13 2018, the USA Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice accusing ABLV Bank of money laundering. ABLV was promptly denied US dollar funding. Following this announcement, the bank experienced a massive withdrawal of deposits, and a lack of access to US dollar funding.
ABLV Bank is the third-largest bank in Latvia. ABLV Bank is one of three banks supervised directly by the European Central Bank in addition to the Latvia’s financial sector supervisor Financial and Capital Markets Commission (FKTK).
Eurofound (2018), ABLV Bank, Bankruptcy in Latvia, factsheet number 93462, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93462.