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.
Novartis, a Swiss multinational pharmaceutical group has announced it will cut approximately 400 jobs at its Dublin office over the next two years. The company currently employs 1,000 people at its global service centre in Dublin and 500 people in Cork, however these jobs are unaffected.
The job cuts are part of a global restructuring to cut costs by $1 billion (€1.03bn). As part of this restructuring the company announced in early 2022, that it was to cut 8,000 jobs globally, or 7% of its 108,000-strong workforce.
Previous factsheets for Novartis have been recorded in the ERM database in 2022, with an announced global restructuring affecting 8000 employees globally (Novartis-2022-WO), and the corresponding restructuring in Belgium (Novartis-2022-BE) and Spain (Novartis-2022-ES).
Eurofound (2022), Novartis, Internal restructuring in Ireland, factsheet number 107688, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/107688.
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