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.
The banking group Piraeus Bank has announced a new plan of voluntary redundancies. The applications started on 15 July and finishes on 16 August. The restructuring plan provides for compensation up to €160,000. It targets any employee who wishes to participate, under the condition that the employee has completed a full continuous service of three years in the group. There is not a specific number of employees who will exit, but it is estimated that about 2,000 employees will participate. This programme is only a part of a total project of voluntary redundancies in Piraeus Banking Group for the period 2019-2021, aiming to reduce its operating costs at least by €150 million. Piraeus Bank intends to the total exit of about 5,000 employees by the end of 2021.
Eurofound (2019), Piraeus Bank , Internal restructuring in Greece, factsheet number 98169, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98169.