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.
Royal Bank of Scotland (RBS) has announced plans to cut 2,600 insurance and retail banking jobs in the UK over the next twelve months. 2000 positions from 16,777 will be lost from it's insurance division, with the remaining 600 job losses concentrated in RBS's retail banking head offices in Edinburgh and London.
This latest announcement comes after the group had already announced approximately 20,000 jobs worldwide as part of cost cutting measures following financial crisis and the ill fated acquisition of ABN Amro. As part of the state aid package that RBS received, EU competition regulators in Brussels demanded that the Bank sell off its Direct Line and Churchill insurance businesses as well as more than 300 branches.
It is hoped that most of the job losses can be achieved through attrition and voluntary redundancies. An RBS spokesman said: "We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process. We have strived at all times to be open and honest about the tough choices we are making. We will do all we can to support our staff through this process and do everything possible to keep compulsory redundancy to an absolute minimum."
Eurofound (2010), Royal Bank of Scotland, Internal restructuring in United Kingdom, factsheet number 70555, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70555.
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...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
