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.
The private bank Neuflize OBC has announced a reorganisation that will lead to 245 job reductions by 2019, which represent 25% of its workforce. All services will be concerned, from general management to business lines, from asset management to support functions. A voluntary departures plan will be open until 2019. The management has started to negotiate the plan with the representative of the unions and the first departures are expected before the summer.
Meanwhile, the bank has decided to invest EUR 50 million to increase automation and digitalisation. "We will not be able to charge services tomorrow that will be rendered more efficiently and for a derisory price by digital tools. In ten years, we will no longer be a labour force industry" says the president of the bank. The bank had a turnover of EUR 317,7 million in 2016 less than in 2015 (EUR 324,1 million).
Eurofound (2017), Neuflize OBC, Internal restructuring in France, factsheet number 90559, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90559.