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
250 jobs Number of planned job losses
Announcement Date
13 June 2007
Employment effect (start)
31 July 2007
Foreseen end date
31 July 2009
Description
The French subsidiary of Fortis, the Belgo-Dutch banking group, announced on 13 June 2007 that the company is planning to cut 250 jobs, about 8% of its total staff, closing seven branches and merging another ten. The bank says the planned cuts are designed to simplify its organisation and improve its performance. The changes will take place over 24 months between July 2007 and July 2009 and they will affect both the group's headquarters and its branch network.
Sources
15 June 2007: Le Figaro
14 June 2007: Le Progrès
15 June 2007: Le Monde
Citation
Eurofound (2007), Fortis, Internal restructuring in France, factsheet number 65486, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65486.
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