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.
Royal Bank of Scotland is to cut about 3,000 jobs from its global workforce of 170,000 in an attempt to survive the current economic crisis. The bank is already receiving £20bn from the UK government and blames its past, high exposure to the US subprime market for the £691m loss in the first half of the financial year. The job losses will affect RBS investment banking businesses and the staff in the global banking and markets division. Employees will be briefed on the cuts within the next two weeks (by the end of November 2008). It is expected that the cuts will affect more than 50 countries.
Eurofound (2008), Royal Bank of Scotland (RBS), Internal restructuring in World, factsheet number 67380, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67380.