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.
Novartis, a Swiss multinational pharmaceutical group, has announced their global restructuring plan to reduce their workforce by 8000 employees before the end of 2024. The job reduction plan will impact 7.4% of Novartis' global workforce. The company has announced approximate job reductions of 2100 in Spain, 1400 in Switzerland, 400 in Ireland and 30 in Belgium.
The internal restructuring is a result of Novartis' 'transformation' plan to simplify it's global operating model, with the goal of increasing corporate savings. The cost cuts are planned to be achieved by overlapping structures between oncology and non-oncology pharmaceuticals businesses. The company has emphasised that the resulting new structure will be leaner and simpler, but involves the elimination of certain positions across the organisation.
Previous factsheets for Novartis have been recorded in the ERM database in 2022, with an announced expansion of 124 employees in Spain (Novartis-2022-ES).
Eurofound (2022), Novartis, Internal restructuring in World, factsheet number 107637, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107637.