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 - Financial service activities, except insurance and pension funding
New offshoring locations
Poland
56 jobs Number of planned job losses
Announcement Date
19 September 2016
Employment effect (start)
1 October 2016
Foreseen end date
Description
The subsidiary of the Swiss banking group USB, UBS Luxembourg, have signed with its unions Aleba, OGBL-SBA and LCGB-SESF a social plan to cut 56 jobs in its back- and middle-office activities. Unions and management have reduced through social dialogue the number of job cuts from 60 to 56. The plan is justified by economic reasons. The services will be transferred to UBS's Polish office in Wroclaw. Affected employees may benefit from an early-retirement plan or internal redeployment to reduce the number of forced dismissals. The bank will also finance retraining programmes and job-search assistance. Previously in 2013, UBS Luxembourg already launched a social plan to cut 33 positions.
Sources
20 September 2016: Paperjam
20 September 2016: Reuters
Citation
Eurofound (2016), UBS, Offshoring/Delocalisation in Luxembourg, factsheet number 88684, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88684.
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