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.
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.
Eurofound (2014), GE Money Bank, Internal restructuring in France, factsheet number 78023, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78023.