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 November 18th BNP Paribas, a French bank, has announced to its European Works Council that it is to cut 1396 of its 21,400 employees in its corporate and investment-banking unit (6.5% of the workforce in this activity). The measure is part of a worldwide restructuring plan affecting France (373 job cuts, see here), the United Kingdom (134), Greece (99), 90 employees in other European countries and 700 outside the European union.
The management also announced to reduced workforce to 280 by BNPP Investments Partners, the dedicated asset management business line of BNP Paribas (3600 employees).
The management is reported to want to avoid forced redundancies and will propose internal mobility and - if these measures are unsuccessful - voluntary departures.
The management gave a 60 % write-off on its Greek debt, the reduction of its exposure to other European sovereign bonds and the debt crisis as reason for the job cuts.
Eurofound (2011), BNP Paribas, Internal restructuring in World, factsheet number 72730, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72730.