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 15 September 2010 the Franco-Belgian bank Dexia announced that they will cut 385 jobs in Belgium by the end of 2011. A total of 665 jobs cuts are being made by the company across the EU including Luxembourg (140) and France (70). These reductions are in addition to those announced in January and September 2009, which involved a total of some 1,500 employees across the EU. The bank was hit severely by the financial crisis and therefore aims to save 600 million Euros by the end of 2011 and improve the efficiency of its different departments. Management announced their intention to discuss the job cuts with trade unions in order to avoid direct dismissals as much as possible and to promote early retirements and other job reduction measures. Dexia has 35,177 employees as of 31 March 2010. Belgium represents 41% of the workforce, Turkey 24%, Luxemburg 11% and France 7%.
Eurofound (2010), Dexia, Internal restructuring in Belgium, factsheet number 70929, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70929.