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.
Due to the integration process following the merger between Virgin Money and CYBG, Virgin Money has announced that it will cut 400 jobs at its head offices in Leeds and Newcastle (England) and Glasgow (Scotland) in early 2021. The company said the cuts were part of the next stage of the restructuring first announced when Virgin Money acquired the Clydesdale and Yorkshire Banking Group in 2018. The company said it hoped to avoid compulsory redundancies and achieve job losses through ‘natural turnover’.
A representative of Virgin Money UK said the restructure would create 'a sustainable business which is fit for the future.
At the previous stage of the restructuring, the company had cut 300 jobs through branch closures and other redundancies.
Eurofound (2020), Virgin Money, Merger/Acquisition in United Kingdom, factsheet number 102191, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102191.
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...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
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...
