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.
Management of BNP Paribas Personal Finance announced that over 200 jobs in its mortgage lending group willl be cut while 35 new jobs will be created in the retail banking branch.
BNP Paribas Group employs around 29,000 employees worldwide. The affected unit is the specialist personal credit provider of the Group. The management mentioned that the aim of this restructuring is to meet the new "Basel" standards imposed on banks following the financial crisis that started in 2008. With this restructuring measure, BNP Paribas intends to merge some of the activities of mortgage lending into the retail banking activities, so that the group can rely upon collecting deposits and therefore reduce institutional costs. "There will be no forced departures" stated by the bank, the restructuring will focus on "internal redeployment", which was confirmed by the trade unions. Starting immediately, on 1st of July, the phase of consultation with staff representatives is to be completed byOctober 2011.
Eurofound (2011), BNP Paribas Personal Finance, Internal restructuring in France, factsheet number 72152, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72152.
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