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.
Santander Bank Polska, a multinational commercial bank and financial services company and a subsidiary of the Spanish bank Santander, announced that it will cut up to 2,000 jobs throughout a collective dismissal programme at its units across Poland. The dismissal programme is expected to finish by the end of 2022. The programme will affect both employees at the headquarters and in distribution chain. The cost-saving and restructuring programme is related to the COVID-19 pandemic; the programme aims to save around €1 billion. Behind Santander's decision to reduce its employment capacity is also digitalisation of the banking sector and growing fiscal and regulatory burdens. The pandemic accelerated these changes. The management board informed that they were going to consult the dismissal process with the trade unions and to cooperate on the development of a protection package for dismissed employees.
In Poland, Santander has been operating since 2006. Currently, it employs about 10,500 people across the country.
A previous restructuring programme was announced in January 2019 (1,400 jobs cut).
Eurofound (2020), Santander Bank Polska, Internal restructuring in Poland, factsheet number 102432, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102432.
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