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.
Banking group BNP Paribas Fortis is restructuring both its retail network as well as its central services functions in Belgium. As a consequence, 2,430 jobs will be cut. The restructuring however also envisages the creation of 1,380 new jobs. The net job loss is therefore 1,050 jobs, equivalent to around 7% of the group's employment in Belgium. Some departments, such as human resources, may be outsourced if they are found to be too expensive.
The restructuring is part of the new Vision 2020 plan motivated by rapid digitisation of services, a weak economy, growing regulation and competition and the changing expectations of their clients. Management envisages that the cuts will be implemented mainly through natural attrition and without recourse to compulsory redundancies.
Eurofound (2015), BNP Paribas Fortis, Internal restructuring in Belgium, factsheet number 85649, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85649.