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 8 February 2013, Canadian bank RBC announced to cut 288 positions by 2013 at its site at Belval. This number was later reduced to 219 after the discussion with social partners.
The bank took the decision for redundancies in the framework of a strategic plan aiming to cut its costs about 25% globally. The group wants to cut 888 jobs worldwide.
According to the secretary of the LCGB union Vincent Jacquet, the fact that RBC has stated to cut 219 full-time equivalents might imply an even higher number of redundant employees, given that some people work part-time.
RBC employs 5,900 employees world-wide. Details on reduction measures are unknown.
Eurofound (2013), RBC, Internal restructuring in Luxembourg, factsheet number 74925, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74925.