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.
The French-based bank, Natixis, has announced that it will cut 850 jobs. The group specialises in five main types of services: financing and investment banking, asset management, services, receivables management, private equity and private banking, and it operates in 68 countries in Europe, North and South America, Africa, Asia and Oceania.
The closure of five back-offices in France (Bordeaux, Lyon, Marseille, Toulon and Strasbourg), and of two commercial agencies (Le Havre and Dijon) is foreseen. According to the management, this plan is necessary to cope with the subprime crisis, which is costing 2,5 billion euros, and to save 400 million euros (10% of its fixed costs). While management announced the loss of 850 jobs among those employed directly, a union representative indicated that 800 additional jobs will be lost among external suppliers working for the company.
Eurofound (2008), Natixis, Internal restructuring in France, factsheet number 66681, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66681.
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