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.
Bankia, the fourth largest bank in Spain, will dismiss over 6000 employees, 28% of its entire workforce. The number of branches will be reduced from 3,117 to approximately 1,900-2,000.
The restructuring plan was a key term of the agreement by which Bankia will receive 17,959€ million of European bail-out funds. According to the management, Bankia is expected to become profitable again in 2013, after record losses in 2012.
The negotiations with the unions are expected to start as soon as possible.
UPDATE February 2013: Bankia and the unions have agreed to reduce the number of dismissals. There will be 4,500 redundancies, with severance pay equal to 30 days per year worked. 39% of the job cuts will be early redundancies for employees over 54.
Bankia is a financial conglomerate formed in December 2010, merging the operations of 7 regional savings banks that were deemed too weak to survive the crisis. The bank was partially nationalized in May 2012 by the Spanish government in order to avoid its collapse.
Eurofound (2012), Bankia, Internal restructuring in Spain, factsheet number 74593, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74593.
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...
