Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.1 - Monetary intermediation

379 jobs
Number of planned job losses
Job loss
Announcement Date
4 March 2019
Employment effect (start)
4 March 2019
Foreseen end date
31 December 2019


First Bank, a Romanian bank owned and managed by U.S. investment firm J.C. Flowers & Co., has announced plans to close or merge 40 branches all over Romania. As a result, 379 employees will be made redundant. The bank aims to accelerate the process of digitalisation and redesign its internal processes in order to support the integration of new technologies, while aiming to increase its market share through the launch of streamlined products and through possible acquisitions.

First Bank is based in Bucharest and provides a broad range of products and services targeting both domestic and international customers, including retail, SME and corporate banking services. The bank operates through 100 branches and has a workforce of about 1,300 people.



Eurofound (2019), First Bank, Internal restructuring in Romania, factsheet number 97386, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/97386.