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.
On 15 September 2010 the Franco-Belgian bank Dexia announced to its European Works Council that it will cut 665 jobs across France, Belgium, Luxembourg, and a few other European countries. The jobs will be mostly cut in Belgium (385) and in Luxembourg (140). France will loose 70 jobs and 70 additional losses will be spread amongst a number of European countries. These reductions are in addition to those announced in January and September 2009, which involved a total of some 1,500 employees. Management announced their intention to discuss the job cuts with trade unions in order to avoid direct dismissals as much as possible and to promote early retirements and other job reduction measures. The bank was hit severely by the financial crisis and hopes that through the job cuts and other cost saving measures it will be able to save 600 million Euros by the end of 2011. Dexia had 35,177 employees as of 31 March 2010. Belgium represents 41% of the workforce, Turkey 24%, Luxemburg 11% and France 7%.
Eurofound (2010), DEXIA, Internal restructuring in European Union, factsheet number 70906, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70906.
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