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.
Belfius Bank confirmed plans to cut 920 jobs. According to the management, the job cuts are attributed to the need to reduce operational costs by 210€ million, in order to improve the profitability of the bank.
The unions reacted to the decision with disappointment and they reiterated their hope that alternatives will be found in order to save as many jobs as possible. They indicated that the restructuring plan lacks vision and that the company should focus on increasing revenue, instead of decreasing costs. The Redundancy procedure (Renault law) has been launched to negotiate the social plan.
At the same time, the management announced its intention to hire 250 young employees by 2016. This recruitment will replace 470 employees who are to retire by in the next 4 years, and according to reports, these employees are not affected by the planned job cuts.
Overall, the implies that the workforce will be reduced by 670, over 10% of the total number of employees, while one in six will be affected by the restructuring.
Eurofound (2012), Belfius, Internal restructuring in Belgium, factsheet number 74569, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74569.
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