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.
Swiss owned bank Credit Suisse has announced plans to cut its London workforce by 2,000. This is approximately one third of the 6,600 people the company employs in London. Its new chief executive had unveiled the plans to investors in early October though at that time there was no information on when the job cuts would start to take effect. The 2,000 jobs will come mainly from back office roles with around 200 coming from front office roles. In November it was reported that the first round of job cuts had started with around 200 jobs to go in the first round of cutbacks. As of early December 2015, there is no further information available about the timescale for the remaining job losses.
Update 18/02/2016: Credit Suisse has announced a further 200 jobs will be lost from its London office as part of the cutbacks originally announced in late 2015. Plans to reduce the workforce came with the release of the 2015 financial results, during which the bank made a pre-tax loss of CHF2.4bn (approx. €2 billion) annual loss - the first loss made by the bank since the financial crisis in 2008.
Eurofound (2015), Credit Suisse, Internal restructuring in United Kingdom, factsheet number 85609, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85609.