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 BNP Paribas group has announced the loss of 921 jobs out of 5,142 in its consumer credit subsidiary, BNP Paribas Personal Finance. The management specifies that these job cuts will be made without forced departures. The process of information and consultation with employee representatives will last four months. The first effects on employment could begin on 1 July 2023.
BNP Paribas Personal Finance, the entity dedicated to consumer credit in France, has been negatively affected by the return of inflation.The consumer credit business taken out by individuals in shops when purchasing a product has already suffered heavily with the confinements during the COVID-19 pandemic. In addition, the subsidiary faces competition from start-ups.
Of these 921 job cuts, a maximum of 690 could benefit from a voluntary redundancy plan, according to a trade union source. This source specifies that 714 cuts will be made in the so-called functional services (finance, IT, HR, marketing) and 202 in the operational services (call centres, sales, granting, recovery, etc.), located mainly in Levallois-Perret (Haut-de-Seine) in the Paris region and in Mérignac in Gironde. The announcement comes from the parent company BNP Paribas.
A former restructuring has been recorded in the ERM Database in 2011, with over 200 job cuts (BNP Paribas Personal Finance-2011 - FR)
Eurofound (2023), BNP Paribas Personal Finance, Internal restructuring in France, factsheet number 108361, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/108361.
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