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.
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.
Eurofound (2016), JP Morgan Bank, Offshoring/Delocalisation in Luxembourg, factsheet number 88734, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88734.