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
140 jobs Number of planned job losses
Announcement Date
15 September 2010
Employment effect (start)
1 January 2011
Foreseen end date
31 December 2011
Description
On 15 September 2010 the Franco-Belgian bank Dexia announced that it will cut 140 jobs in Luxembourg by the end of 2011. A total of 665 jobs cuts are being made by the company across the EU including Belgium (385) 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. Management announced their intention to avoid direct dismissals as much as possible and to promote early retirements and other job reduction measures. The bank was hit severely by the financial crisis and hopes that through the job cuts and other cost saving measures it will be able to save 600 million Euros by the end of 2011. Dexia has 35,177 employees as at 31 March 2010. Belgium represents 41% of the workforce, Turkey 24%, Luxemburg 11% and France 7%.
Eurofound (2010), Dexia, Internal restructuring in Luxembourg, factsheet number 70930, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70930.
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