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.
French bank Natixis is to implement a cost-saving plan and cut 700 of a total of about 12,400 jobs by 2015.
The plan is part of worldwide restructuring initiated by the financial group BPCE (Banque Populaire-Caisse d’Epargne) that is to cut its global workforce (worldwide) from over 20,000 to 15,500 within the same time frame.
Job cuts are subject to an agreement with social partners on September 13th. This plan excludes forced dismissals and gives priority to internal and external mobility, voluntary departures, and early-retirement schemes. According to the union SNB, the number of job cuts could reach 1,000. The company is to engage in further negotiations with unions in mid-November.
BCPE group employs about 12,400 staff in France. In 2012, Natixis had already announced a reduction of 127 job positions and a hiring freeze for the same year.
Updated, 22/05/2014: In autumn 2013, Natixis presented a first part of its plan envisaging 537 job cuts and the second wave was presented in April 2014 with 136 supplementary job cuts. As reported, the group will close a small retail banking activity by March 2015 (68 employees) and its "bad bank" GAPC (14 employees) by July 2014 and reduce its workforce in back and middle office activities (49 positions). As agreed with social partners the 673 job will be cut without forced dismissals.
Eurofound (2013), Natixis, Internal restructuring in France, factsheet number 76045, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76045.
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