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
India, United Kingdom
93 jobs Number of planned job losses
Announcement Date
27 September 2016
Employment effect (start)
1 January 2017
Foreseen end date
31 December 2017
Description
JP Morgan Bank has announced a reorganisation that will lead to a collective dismissal of about 105 employees from a total workforce of 474 employees employed in Luxembourg. The bank has decided to offshore some of its activities to Scotland and to India. Management and unions have started to negotiate a social plan to mitigate the social consequences, including possibly the final number of job cuts.
Updated, 19/10/2016; On 19 October 2016, after a 15 day negotiation period, the management has reached an agreement with the unions LCGB-SESF, ALEBA and OGBL-SBA on a social plan. The number of job cuts has been reduced to a maximum of 93 positions. Dismissed employees will receive extra-statutory benefits related to age and seniority, compensation linked to family situation, extended employment notice periods, outplacement support or training.
Sources
27 September 2016: Paperjam
27 September 2016: Luxemburger Wort
29 September 2016: OGBL
19 October 2016: Le Quotidien
Citation
Eurofound (2016), JP Morgan Bank, Offshoring/Delocalisation in Luxembourg, factsheet number 88734, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88734.
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