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 Financial And Insurance Activities 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
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://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61808.
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