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.
French banking group Credit Agricole is to axe 500 jobs worldwide at its corporate and investment banking arm, Calyon, half of which will take place in France. The job cuts, part of a restructuring plan via which Calyon aims to save 300 milions euros next year, will be made via voluntary redundancies and internal mobility. The bank is to put a stop to its high-risk and loss-making operations, such as structured products, in order to focus on more traditional financing activities.
Of the French banks, Credit Agricole has to date been the worst affected by the US subprime mortgage market collapse, suffering losses of 6.5 billions euros.
Eurofound (2008), Calyon, Internal restructuring in World, factsheet number 67071, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67071.