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.
Nordea Bank is initiating employer-employee negotiations to reduce approximately 420 jobs in Finland. The job reductions concern back-office functions and units serving private individuals and SMEs. Around 50 of the back-office jobs are intended to be off-shored to Estonia and Poland, where Nordea today has around 1,500 employees. Some reductions will also take place through retirements and natural turnover.
Nordea announced in October 2017 that due to significant digitalisation and automatisation initiatives, it will reduce up to 2,000 external consultants and 4,000 internal staff internationally in the next four years. Nordea will offer training programmes and support packages to those who will be made redundant, and has created a re-employment unit to help them.
Trade union Nousu has strongly criticised Nordea for the planned redundancies.
Update, 12/02/2018: Employer-employee negotiations were concluded in Nordea's Personal Banking unit in early February 2018. The number of dismissals in the unit landed at 123 employees, but some may still agree on other arrangements with the company. Out of the originally announced 420 job reductions, 220 were to be targeted at the Personal Banking unit. The figure was lowered from 220 to the current 123 through for instance voluntary retirement agreements. The final number of redundancies as compared to the original 420 remains uncertain.
Eurofound (2017), Nordea, Internal restructuring in Finland, factsheet number 92747, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/92747.
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...
