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
168 jobs Number of planned job losses
Announcement Date
4 June 2009
Employment effect (start)
1 January 2009
Foreseen end date
31 March 2009
Description
Fortis bank terminated 168 jobs in Belgium (900 worldwide, factsheet 14339) during the first three months of 2009. The departments 'merchant bank' and 'retail bank' were the most affected. Among the jobs lost, which represent 0.9% of the whole staff, 75 workers were retired, 70 workers voluntary left the company and 23 were made redundant. The lost jobs are the consequence of a policy Fortis has been conducting since the end of 2008 and which consists in the non-replacement of the workers who left. Fortis was severely concerned by the financial crisis and the Belgian units were sold to the French bank BNP Paribas. The merger between Fortis bank and BNP Paribas led many workers to leave the company fearing any collective redundancy.
Sources
4 June 2009: Le Soir
5 June 2009: La Libre Belgique
Citation
Eurofound (2009), Fortis, Internal restructuring in Belgium, factsheet number 69523, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69523.
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