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.
Emporiki Bank, a subsidiary of French Credit Agricole, has announced that it will cut 1,500 jobs through a voluntary exit plan and will close down 57 branches across Greece.
After losing EUR 492 million in 2008 and continuing to post losses in the first quarter of this year, Emporiki said that it will proceed with 1,500 layoffs over three years (2009-2011) through a voluntary exit scheme.
Emporiki Bank said that Greece has been particularly badly hit by the current economic climate. In particular the financial sector has suffered and it has had a severe impact on all Greek banks in the last year. Key objectives for Emporiki Bank would be to stabilise and redress the current situation, restore margins, reduce the cost base, limit risk exposure and create the foundations for future long-term success. Its aim will be to reduce general and administrative costs by about 21 percent through 2011. The restructuring of its branch network means that 57 outlets will have to close and another 33 relocate.
Trade Unions strongly opposed Emporiki Bank's decision. The President of the Greek General Confederation of Labour (GSEE) said that the employees and society are being called to pay for the outcome of the privatization programme in the banking sector and demanded that the Board of Emporiki Bank recall this decision.
Emporiki Bank, a member of the Credit Agricole Group, is a banking and financial services group located in Greece. It operates 372 branches in Greece, and is active in Germany, Cyprus, Romania, Bulgaria and Albania, and the United Kingdom.
Eurofound (2009), Emporiki Bank, Internal restructuring in Greece, factsheet number 69167, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69167.
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