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.
German financial services company Solaris has announced that it will cut about 240 jobs worldwide.
The layoffs will affect jobs in Germany, the UK and Lithuania, primarily at its Electronic Money Institution (EMI) division, which is expected to be discontinued. Under the programme, the company is to close its business in Lithuania. The restructuring programme aims also to reorganize the company’s operations.
Solaris, which reported a €178 million loss in 2023, is now refocusing its business strategy toward large clients in the technology and mobility sectors. Solaris also faces regulatory scrutiny; Germany’s financial regulator BaFin has imposed strict oversight to ensure compliance, particularly regarding anti-money laundering controls. Solaris has committed significant resources toward these regulatory adjustments and plans to achieve profitability by 2025.
Founded in 2015, Solaris currently employs 700 staff across eight offices including Germany, the UK, Lithuania and India
Eurofound (2024), Solaris , Internal restructuring in World, factsheet number 201861, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201861.