Location of affected unit(s):
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Planned Job Reductions min:
Planned Job Reductions max:
Type of Restructuring:
Employment Effect Start:
Foreseen End Date:
On 27 February 2018, the CEO of the bank announced in a press conference that ABLV bank is going to lay off 300 employees next week. He said that the bank is laying off finance and marketing experts, among others. The bank has more than 900 employees in total.
On 13 February 13 2018, the USA Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice accusing ABLV Bank of money laundering. ABLV was promptly denied US dollar funding. Following this announcement, the bank experienced a massive withdrawal of deposits, and a lack of access to US dollar funding.
ABLV Bank is the third-largest bank in Latvia. ABLV Bank is one of three banks supervised directly by the European Central Bank in addition to the Latvia’s financial sector supervisor Financial and Capital Markets Commission (FKTK).
01-03-2018Public broadcasting of Latvia
27-02-2018Public broadcasting of Latvia
24-02-2018Public broadcasting of Latvia
19-02-2018Public broadcasting of Latvia
26-02-2018Public broadcasting of Latvia
13-02-2018Public broadcasting of Latvia