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.
Belgian federal state owned banking and insurance group Belfius announced plans to cut 500 FTE jobs by the end of 2016. As announced, the measure will be on top of the previously announced restructuring envisaging 670 FTE job cuts for the period 2012-2016 aiming at reducing the total workforce to 4,775 employees. Previously in 2012 the total workforce was 5,445 staff. As reported the job reduction plan will be implemented via natural attrition.
Update, 15/01/2016: The original restructuring plan of November 2012 has been revised (again). Originally, 670 FTE jobs were to be removed by the end of 2016. However, as the bank is planning to develop its digital platform, some 140 jobs can be retained. Currently, the bank is still employing 4,590 employees, meaning ‘only’ 150 jobs (instead of the originally planned 290 jobs) have to be cut by the end of 2016.
Eurofound (2014), Belfius, Internal restructuring in Belgium, factsheet number 77683, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77683.