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 Czech bank Česká Spořitelna (CS), part of the Erste Group, announced 600 job cuts across all its branches in the Czech Republic in 2013, representing 5.5% out of the 11,014 staff.
The bank plans to reduce operating costs and to save CZK 1 billion (EUR 39.30 million) in 2013. Job cuts will affect all parts of the bank across positions including managerial posts.
The restructuring occurs despite the fact that the bank increased its consolidated net profit by 21.8 percent to a record CZK 16.61 billion last year.
Eurofound (2013), Česká Spořitelna (CS), Internal restructuring in Czechia, factsheet number 75042, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75042.
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