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.
Administrative services and back office company Santander Operaciones España, subsidiary of Banco Santander, announced a labour force adjustment. This announcement comes after the signing of the collective dismissal agreement between Banco Santander and unions for the next restructuring step as the bank integrates with Banco Popular.
The measure is expected to affect 109 employees. The company offers an early retirement buyout with 70% of the salary for 55 years or older employees and a compensation equivalent to 50% of salary from the last six years for employees aged between 53 and 54 years. For those until 52 years old (or with less than 15 years of seniority), the company offers a compensation equivalent to 33 days per year worked up to a maximum of 18 months.
Layoff conditions are lower than those present in the collective dismissal agreement, signed in June 2019 between the parent company and the unions. Indeed, the latter are opposing the offer, while demanding to match the conditions of the agreement with Banco Santander.
Eurofound (2019), Santander Operaciones España, Internal restructuring in Spain, factsheet number 98172, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98172.
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