Fortis Bank

Type
Internal restructuring
Country
European Union
Region
Location of affected unit(s)
Belgium, Netherlands
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
1,200 jobs
Number of planned job losses
Job loss
Announcement Date
23 June 2005
Employment effect (start)
Foreseen end date
31 December 2009

Description

Fortis bank announced on 23 June 2005 its new strategic plan for the period 2005-2009. The plan involves new investments as well as cost reductions. 1,200 jobs are to go by 2009, through the non renewal of temporary contracts and early retirements measures. The affected jobs will be cut in the human resources , IT and logistics departments, mostly in Benelux countries. The group plans to save up to €100 million in 2006 and gradually €250 million by 2009. On a more positive side, Business centres are to be opened in the Czech Republic, Austria and Hungary by 2009.

Sources

  • 24 June 2005: La Libre Belgique
  • 25 June 2005: RTBF

Citation

Eurofound (2005), Fortis Bank, Internal restructuring in European Union, factsheet number 61808, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61808.