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 Bank Santander Totta, SA announced that a restructuring plan will be implemented by the end of the year. This process will affect 685 workers from different areas of the central services and the bank's commercial network. According to management, the workers affected by the redundancy plan were selected based on transparent and objective criteria. Workers aged over 55 will be offered early retirement.
All workers affected by the restructuring plan will be notified and will be informed of the proposed conditions by 15 July 2021. Workers may also submit their responses to the administration by 19 August 2021.
Update - 21/10/2021: Until the moment, 455 workers agreed to exit Santander Totta by mutual agreement or early retirement, as part of its ongoing restructuring programme. The remaining 230 workers with whom no agreement was reached could be covered by collective dismissal.
Update - 27/10/2021: 85 additional workers agreed to exit Santander Totta by mutual agreement or early retirement. Banco Santander Totta announced the collective dismissal of 145 workers taking place on January 2022. The unions representing Santander Totta workers in Portugal defend the suspension of this process and filed an injunction in court, which was refused on 26 October 2021. The unions will appeal the decision.
Eurofound (2021), Santander Totta, Internal restructuring in Portugal, factsheet number 104956, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/104956.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
