Euroclear

Type
Offshoring/Delocalisation
Country
Belgium
Region
Région de Bruxelles-Capitale/Brussels Hoofdstedelijk Gewest; Région de Bruxelles-Capitale/Brussels Hoofdstedelijk Gewest; Arr. de Bruxelles-Capitale/Arr. Brussel-Hoofdstad
Location of affected unit(s)
Bruxelles
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
New offshoring locations
Poland
500 jobs
Number of planned job losses
Job loss
Announcement Date
14 October 2011
Employment effect (start)
Foreseen end date
1 January 2017

Description

On October 14th the head management of Euroclear, a financial services company, has announced their plan to relocate part of their activities to Poland. 500 jobs are concerned by this restructuring plan for the coming five years.

The head management stated that there will be no direct dismissals. According to Euroclear, the jobs will be eliminated by attrition. The head management justified this decision by difficulties with finding qualified personnel and high labour costs in Belgium.

Sources

  • 14 October 2011: Le Soir

Citation

Eurofound (2011), Euroclear, Offshoring/Delocalisation in Belgium, factsheet number 72596, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72596.