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.
As part of a larger long-term restructuring strategy within the State Street Bank global group that offers funding activities worldwide, the Luxembourg subsidiary based in Luxembourg-Kirchberg was affected by an outsourcing strategy that led to the cutting of 101 jobs out of a total of 800 jobs in the bank in Luxembourg. The company is setting up 'global hubs' in India and Poland with a view to automating specific jobs and tasks.
After a series of negotiations with the State Street Bank management in Luxembourg, the representative trade unions in the sector, the ALEBA, the OGBL Secteur Financier and LCGB-Sesf unions, signed a social plan (plan social) for the concerned 101 employees on the 8th of May 2019. The plan comprises a series of support measures and financial compensations measures for employees.
Eurofound (2019), State Street Bank Luxembourg, Offshoring/Delocalisation in Luxembourg, factsheet number 101632, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101632.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
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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...
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