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 the 7th of May 2013, French bank Societe Generale announced it will cut over 1,000 jobs worldwide by 2015. These job reductions will affect mostly France with 600 to 700 job cuts (see here).
Until now no further information has been provided regarding the other countries affected by these job cuts. This announcement is part of a new cost-saving plan “focused on rationalising the organisational structure, operating more efficiently and controling operating expenses”, explained the bank in its press release. “The purpose of the plan is to put the group in a position to achieve a ROE (return on equity) of 10% as from end-2015, thanks to additional savings on operating expenses of around EUR 900 million by 2015”.
This follows an announcement made on the 5th of January 2012 about the restructuring of Societe Generale's corporate and investment bank branch with 1,580 job cuts (see here).
Eurofound (2013), Societe Generale, Internal restructuring in World, factsheet number 75341, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75341.