EMCC European Monitoring Centre on Change

Żagiel

Company/Organisation:
Żagiel

Geographic Location

Country: Poland

Company

Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Group: Santander Consumer Finanse

Employment Effects

Announcement Date: 07-09-2012
Planned Job Reductions min: 550
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-03-2013

Additional Information

On 7 September 2012, financial intermediary Żagiel announced plans for collective dismissal. The company is to cut about 550 jobs.

Paweł Radzieciak, the director of Żagiel, said that the redundancies will be implemented by the end of March 2013.

The reasons given for the dismissals are worse than expected financial results of the company and the general economic slowdown in Poland.

The company is to negotiate the conditions of the restructuring with the local trade unions.

Financial intermediary Żagiel has been operating in Poland since 1990. The company has about 140 units across Poland. On 31 July 2012, Żagiel was acquired by Santander Consumer Finance.