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.
Bordeaux, Lyon, Marseille, Toulon, Strasbourg, Le Havre and Dijon
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
850 - 1,650 jobs Number of planned job losses
Announcement Date
28 May 2008
Employment effect (start)
6 June 2008
Foreseen end date
31 December 2009
Description
The French-based bank, Natixis, has announced that it will cut 850 jobs. The group specialises in five main types of services: financing and investment banking, asset management, services, receivables management, private equity and private banking, and it operates in 68 countries in Europe, North and South America, Africa, Asia and Oceania.
The closure of five back-offices in France (Bordeaux, Lyon, Marseille, Toulon and Strasbourg), and of two commercial agencies (Le Havre and Dijon) is foreseen. According to the management, this plan is necessary to cope with the subprime crisis, which is costing 2,5 billion euros, and to save 400 million euros (10% of its fixed costs). While management announced the loss of 850 jobs among those employed directly, a union representative indicated that 800 additional jobs will be lost among external suppliers working for the company.
Eurofound (2008), Natixis, Internal restructuring in France, factsheet number 66681, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66681.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
