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.
Banque Courtois is to be integrated into the Société Générale bank branch network, which will result in job cuts in both networks: 155 jobs will be lost in the Occitanie and Nouvelle-Aquitaine regions (south-west France) by 2025. From a total of 720 employees in the Courtois bank branch network, 87 jobs are expected to be lost. Courtois Bank, founded in 1760 in Toulouse, has been part of the Crédit du Nord group since 1992, and was then bought by Société Générale when the latter took control of Crédit du Nord. Due to the many duplicate branches in Occitania, Banque Courtois will be absorbed by Société Générale and merged into the group on 1 January 2023. Only the branches named "SG Courtois" will remain. Initially, 18 branches will be closed in Occitanie and Nouvelle-Aquitaine, from a total of 90 branches. A total of 87 net job cuts are planned for 2023 and a total of 155 job cuts by 2025. According to the management, there will be no forced departures' and the job cuts will result firstly from natural departures (retirement or voluntary departures), and secondly from internal reclassifications, provided for in an agreement signed with the unions.
The merger with Crédit du Nord has already led to announcements of job cuts by Société Générale, with 640 job cuts announced for 2021 (Société-Générale-2020-FR)
Eurofound (2022), Banque Courtois, Merger/Acquisition in France, factsheet number 107849, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107849.
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