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.
Meta, the US-based parent company of Facebook, Instagram and Whatsapp, has announced a global restructuring plan which will cut 10,000 jobs from its workforce. The plan is in addition to the 11,000 job cuts announced in November, 2022 (Meta-2022-WO). Meta has stated the recruiting department will predominantly be affected, as well as policy, marketing and communications. Further, an additional 5,000 advertised vacancies will be taken offline and team budgets have been frozen. The combination of dismissals is the largest in the company's history and is driven by low advertising revenue, which is the main revenue source for the Group.
There has been no mention of the involvement of trade unions, however, employees have stated there has been a worsening of working conditions due to the high number of layoffs and their rapid succession. The details of the restructuring plan and process for employees has not been announced.
Eurofound (2023), Meta, Internal restructuring in World, factsheet number 108632, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108632.
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