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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
2,150 jobs Number of planned job losses
Announcement Date
4 September 2019
Employment effect (start)
5 September 2019
Foreseen end date
1 September 2022
Description
KBC, one of the largest Belgian banks, has announced a significant restructuring plan within the coming 3 years with over 1,650 job cuts. The aim is to improve efficiency. In total KBC will cut 1,400 jobs starting in September 2019 across all of its Belgian facilities (local offices, headquarters, support services, and so on). In addition it will terminate contracts with 400 external contractors that are currently working for the company. In Belgium, according to the company, the job cuts will be implemented without compulsory redundancies and only through natural departures (in average 500 departures per year are recorded). 'It is KBC’s intention to make the necessary changes with full respect for its employees and through an open and constructive dialogue with all involved and with the social partners', explains the company.
Some 300 jobs will be relocated to service centres in Czechia (Brno) and Bulgaria (Varna). KBC has also announced to cut, at least 250 positions on annual basis in the coming three years in its Czech subsidiairies ČSOB (750 job cuts in total) , where forced dismissal are not excluded. ČSOB has already cut 400 positions from June 2018 to June 2019.
Eurofound (2019), KBC, Internal restructuring in European Union, factsheet number 98417, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/98417.
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