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.
Norwegian IT company Evry is restructuring and will reduce its staff by 400 employees. Evry supplies services relating to computing, including operation, outsourcing and online banking. The restructuring is intended to improve cost effectiveness after Evry lost a major contract with the Norwegian bank DNB, who chose indian HCL Technologies to provide its online banking system. The restructuring was first announced in November 2013, with an estimate of 300 job cuts. A press release states that an additional 100 full-time equivalent jobs will be cut, primarily in administrative positions.
Based on earlier restructuring processes, Evry estimates that a significant proportion of the job reductions can be accomplished by relocating employees within the company and by non replacement of ending contracts. The first phase of the restructuring will be conducted in the second quarter 2014 and will reduce Evry's staff by 160 full-time equivalents. The reductions are expected to have full effect in the third quarter of 2014.
Eurofound (2014), Evry, Internal restructuring in Norway, factsheet number 76834, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76834.
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