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 Royal Bank of Scotland (RBS) has announced that it will close 259 of its branches in May and June 2018, which will affect 1,000 jobs across Scotland, England and Wales. In their statement the management of RBS said that with redeployment options offered to the employees whose jobs were at risk, there will be a minimum of 680 redundancies as 62 RBS and 197 NatWest branches are to be closed.
A spokesperson for RBS said 'We realise this is difficult news for our colleagues and we are doing everything we can to support those affected.' The national officer of Unite the Union, Rob MacGregor, has accused RBS of 'decimating' the network and betraying local communities. In March 2017 RBS announced the closure of 158 branches with a minimum of 472 redundancies.
Jane Howard, Managing Director of Personal Banking at RBS has blamed the decision on customers increasingly moving to online and mobile banking and said that it would invest in its remaining branches and its mobile banks. RBS is 71% taxpayer-owned. Scotland's Business Minister Paul Wheelhouse said the latest announcement was 'hugely concerning' and asked the UK government to ensure that communities have access to day-to-day banking services.
The closure of several bank branches has been announced in the UK this week, leading to smaller-scale redundancies, including at The Yorkshire Building Society and the Lloyds Banking Group.
Eurofound (2017), Royal Bank of Scotland, Closure in United Kingdom, factsheet number 92711, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/92711.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
