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.
TSB, a UK-based Spanish-owned retail and commercial bank, has announced that it will close 82 of its branches across Scotland and England, affecting 370 employees. The restructuring will start in February 2020 and continue throughout the year. The management explained that the current business structure requires urgent optimisation and assured that the bank will try to offer alternative employment opportunities to many of the affected employees.
Unions representing TSB workers said they were negotiating with the management to limit the number of compulsory redundancies.
TSB was established in 2013 when the Lloyds Banking Group was divided, and it is currently part of the Spanish Sabadell Group.
Eurofound (2019), TSB Bank, Closure in United Kingdom, factsheet number 99241, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99241.
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