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 66.22 - Activities of insurance agents and brokers
230 jobs Number of planned job losses
Announcement Date
11 June 2020
Employment effect (start)
1 July 2020
Foreseen end date
31 December 2020
Description
The insurance company SPB Group has announced a reorganisation with 230 job cuts in Europe including 121 in France. About 109 job cuts will occur in other countries, mainly in UK, Spain and Poland. SPB is an European leader in insurance for major brands (Auchan, BNP, Carrefour, Darty, Leclerc, Fnac, Micromania, LCL, Orange, SFR). The company was growing, but the COVID-19 crisis and the shutdown of the economy during the three months of containment caused contracts to fall by 80% and the forecasts for the coming months and years are not good. The CEO is counting on a 15 to 20% drop in turnover for the year 2020. In 2019, the company recorded €200 million in turnover, so it is projecting a loss of €30 million at the end of the year.
Eurofound (2020), SPB (Société de Prévoyance Bancaire), Internal restructuring in World, factsheet number 100905, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100905.
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