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.
Societe Generale announced to cut 620 jobs in France by 2015. Reportedly the restructuring will affect the banks' headquarters in Paris-la-Defense (620 job losses and 70 recruitments) as a part of a new cost-saving plan.
The workforce reductions will be implemented without resorting to layoffs or forced departures. The plan will be based on voluntary departures in the frame of an agreement on forward-looking employment and skills management ('Accord sur l'évolution des métiers, des compétences et de l'emploi') signed on 13 April 2013. According to this agreement a bipartite commission was established in order to discuss on reorganization projects.
The main job cuts refer to back office activities that will be transferred to Bucharest. As announced, 154 positions will be transferred to Romania and 45 will be maintained in France for two more years before the transfer.
Employee representatives are hoping to decrease the number of job cuts to maximum 450 people. Last year, Societe Generale has cut 880 jobs in its investment banking activities (BFI) in France in 2012 (Societe Generale-FR2012).
For a recent global restructuring plan see here.
Eurofound (2013), Societe Generale, Internal restructuring in France, factsheet number 75342, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75342.