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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
250 - 500 jobs Number of planned job losses
Announcement Date
18 February 2020
Employment effect (start)
Foreseen end date
Description
The bank Abanca will implement an adjustment plan affecting 500 employees, 10% of its current workforce. This adjustment follows the acquisition of Banco Caixa Geral (BCG) last October. However, Abanca stated that the main reason to implement this measure is due to economic and organisational reasons, and to the digitalisation process inherent to the sector. Unions declared to the press that the firm called workers representatives of both companies (Abanca and BCG) to negotiate the terms of the adjustment process. Trade union representatives stated that they hope to achieve a reduction in the number of jobs losses through pre-retirement and voluntary departures measures.
Eurofound (2020), Abanca, Internal restructuring in Spain, factsheet number 99860, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99860.
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