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.
Natixis, a subsidiary of the BPCE banking group, launched a voluntary redundancy plan in its French operations, which will affect 245 positions. Management assures that there will be no forced dismissals under this voluntary departure plan. The plan is part of a wider transformation project, announced in November 2020 by Natixis on the occasion of the publication of its quarterly results, which aims to achieve savings of €350 million by the end of 2024.
In detail, the voluntary redundancy plan unveiled this week will consist of two components: the first is the reduction of 36 positions related to the repositioning of the equity derivatives business and risks. The second component is the relocation of 209 positions to Porto (Portugal), where the bank has been operating an IT services centre since 2016, which it wants to develop into a multi-expertise centre for all the group's business lines. With regard to the 209 positions to be cut in France, the group plans to promote internal mobility to reposition the employees concerned in other functions. But natural departure, non replacement of retirement, refusal of internal mobility will be also used to reduce the workforce.
Three other reorganisations were already recorded in the past: 673 job cuts in 2013,127 job cuts in 2012, 850 job cuts in 2008, and in 2006, 3,000 recruitments.
Eurofound (2021), Natixis, Offshoring/Delocalisation in France, factsheet number 103341, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103341.