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 Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66 - Activities auxiliary to financial services and insurance activities
New offshoring locations
Czechia
140 - 200 jobs Number of planned job losses
Announcement Date
17 December 2007
Employment effect (start)
Foreseen end date
Description
Clearstream, a subsidiary of the Deutsche Börse group, is to cut between 140—200 jobs. IT operations and services are the two main departments directly targeted by this relocation. Some of the posts suppressed at Clearstream in Luxembourg will be transferred to Prague, where the German stock market operator already has an IT centre. No information was given as to the total employed by the company in Luxembourg. Management indicated that it will not be making direct job cuts, but will rather carry out various internal reclassifications and not replace people who leave. In addition, in order to reduce the impact on personnel, measures envisaged will include renegotiation of contracts with sub-contractors and reducing costs in services. A restructuring plan, announced at the end of November 2008, will take effect from 2008 onwards and will involve both cost reductions and personnel cuts, spread over three years. The reason given by the management is that it faces increasingly tough worldwide competition. Clearstream (formerly Cedel), was taken over in July 2002 by the Deutsche Börse group and underwent an initial operational restructuring (involving major job and cost cutting, internal reclassifications, transfers of posts and functions to the new parent company, etc.).
Eurofound (2007), Clearstream, Offshoring/Delocalisation in Luxembourg, factsheet number 66199, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66199.
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