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
126 jobs Number of planned job losses
Announcement Date
18 September 2009
Employment effect (start)
15 October 2009
Foreseen end date
31 December 2009
Description
French banking group Société Général (SG) has announced that the merger of Lyxor and SGAM, SG's asset management units, which will entail 126 job cuts before January 2010.
Société Général's management has decided to avoid direct lay-offs and to opt for internal relocation and voluntary departures.
424 out of 550 jobs will be kept at Lyxor.
Trade unions were informed about the plan in September by the group's human resources managers.
Eurofound (2009), Lyxor/SGAM AI, Merger/Acquisition in France, factsheet number 69581, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69581.
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