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 64.92 - Other credit granting
204 jobs Number of planned job losses
Announcement Date
19 December 2014
Employment effect (start)
1 January 2015
Foreseen end date
31 December 2015
Description
GE Money Bank has announced that it is to cut up to 204 jobs from its French subsidiary. The company has decided to stop its activities of consumer credit and lending for house purchase and to focus on restructuring of mortgage-backed and automobile loans. This restructuring will lead to a cut of 25% of the total workforce within the subsidiary of the US multinational General Electric. Since 2010, the bank has launched three job cuts plan that affected a total of 250 employees mainly in its network of agencies in France. Management has indicated that the bank is to small to be competitive in these two markets while dealing with new financial legislation. The bank intends to centralise its operational workforce in its site of Nantes.
Sources
19 December 2014: Les Echos
Citation
Eurofound (2014), GE Money Bank, Internal restructuring in France, factsheet number 78023, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78023.
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