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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
New offshoring locations
Portugal
245 jobs Number of planned job losses
Announcement Date
21 January 2021
Employment effect (start)
1 May 2021
Foreseen end date
31 December 2024
Description
Natixis, a subsidiary of the BPCE banking group, launched a voluntary redundancy plan in its French operations, which will affect 245 positions. Management assures that there will be no forced dismissals under this voluntary departure plan. The plan is part of a wider transformation project, announced in November 2020 by Natixis on the occasion of the publication of its quarterly results, which aims to achieve savings of €350 million by the end of 2024.
In detail, the voluntary redundancy plan unveiled this week will consist of two components: the first is the reduction of 36 positions related to the repositioning of the equity derivatives business and risks. The second component is the relocation of 209 positions to Porto (Portugal), where the bank has been operating an IT services centre since 2016, which it wants to develop into a multi-expertise centre for all the group's business lines. With regard to the 209 positions to be cut in France, the group plans to promote internal mobility to reposition the employees concerned in other functions. But natural departure, non replacement of retirement, refusal of internal mobility will be also used to reduce the workforce.
Eurofound (2021), Natixis, Offshoring/Delocalisation in France, factsheet number 103341, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103341.
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