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.
On 1 July 2009 Dutch financial services company ING Groep NV (ING) announced that it will restructure its insurance activities in the Netherlands with the consequent loss of 800 jobs (10% of its workforce) over the next three years. The company is to merge its three Dutch insurance brands - Nationale Nederlanden, RVS and ING - into one organization under the Nationale Nederlanden brand.
Background is a loss in market share and the need to streamline the organisation. However, ING said it expects that forced dismissals will be an exception - most of the job cuts will be implemented through attrition, internal reallocation and non-renewal of temporary contracts.
The cuts come on top of 7,000 jobs the company is eliminating worldwide this year in a bid to lower operating costs by EUR 1 billion.
Eurofound (2009), ING, Internal restructuring in Netherlands, factsheet number 69210, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69210.