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.
Financial Services Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66 - Activities auxiliary to financial services and insurance activities
150 jobs Number of planned job losses
Announcement Date
4 June 2020
Employment effect (start)
4 June 2020
Foreseen end date
31 December 2020
Description
Financial services company Fexco has signalled it will reduce its workforce in Killorglin by up to 150 people. The company CEO told staff in an email this week that the company will need to reduce its workforce by 15% this year. Fexco currently employs around 1,000 people in County Kerry, Ireland.
The job reduction will be sought mostly through voluntary redundancy, with other options such as short-time working and career breaks also available.
The company implemented a three-month salary reduction when the Covid-19 crisis emerged. This reduction is to be extended for another three months. The restructuring is caused by the economic consequences of the pandemic.
Eurofound (2020), Fexco, Internal restructuring in Ireland, factsheet number 100803, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100803.
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