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 bank BNP Paribas has announced reorganisation that will lead to close 10%of its local agencies by 2020 (200 closures on a total of 1,964 agencies). The plan leads to the cut of approximately 3,600 positions by 2020. The bank has already closed 236 agencies since 2012. Therefore the workforce will be reduced from 2% to 4% per year without any forced dismissals. The bank expects to reduce the workforce through natural departure and internal mobility. On the same period the group will invest 3 billions in digitalisation including EUR 600 millions for the French retail bank network. According to unions, back office activities will be affected by a supplementary job cut of 110 positions in 2017. The total of expected job cuts reaches therefore 3,710 positions by 2020.
The group employs 146,000 people in the EU. It is currently an important trend in the French bank to reduce the number of local agencies as customers are able to use digital application. In February the Bank BPCE has announced a reduction of its local agencies (400 closures by 2020) that will lead to 4,000 job cuts. The first bank to decide such reduction was Société générale in 2015, followed by LCL in 2016.
Eurofound (2017), BNP Paribas, Closure in France, factsheet number 90608, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90608.