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.
Commerzbank will cut up to 9,600 jobs over the next four years. The jobs will be lost worldwide and in all units of the bank. In the same period the bank has announced an investment plan that will lead to recruit 2,300 employees, so that the net announced losses decrease to 7,300 job cuts on a total workforce of 51,300 employees. The restructuring comes in an effort to reduce costs as the bank has to face to very low interest rate that impact its competitiveness. The restructuring costs will reach €1.1 billion.
The bank explains it want to concentrate on its core businesses and digitalise 80% of relevant processes, thereby achieving significant efficiency gains. Its business will be focused in two customer segments, “Private and Small Business Customers” and “Corporate Clients”. The Mittelstandsbank and Corporates & Markets segments will be consolidated into a single unit and trading activities in investment banking scaled back. According to the bank, "the focus on the core business, with some business activities being discontinued, and the digitalisation and automation of workflows will lead to staff reductions amounting to around 9,600 full-time positions. At the same time, around 2,300 new jobs will be created in areas of business growth" .Commerzbank already announced restructuring activities during and after the financial crisis, which lead to 6,000 job cuts in 2013 and 9,000 in 2008.
Eurofound (2016), Commerzbank, Internal restructuring in World, factsheet number 88754, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/88754.
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...
