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 64.19 - Other monetary intermediation
550 jobs Number of planned job losses
Announcement Date
24 January 2019
Employment effect (start)
1 January 2019
Foreseen end date
1 January 2022
Description
Caisse d'Epargne Grand Est Europe announced the cut of 550 positions by 2022, as part of the merger of the two banking networks: the Caisses d'Epargne d'Alsace and the Caisses d'Epargne de Lorraine Champagne-Ardenne. Management plans 800 departures during this period (350 retirements and 450 natural departures, mainly due to resignations). The bank will only replace one out of three departures. In total, the new entity will eliminate 18% of the workforce. The bank wants to improve its financial performance leveraging business development but also costs. The union UNSA expected 150 job cuts but fears that pressure on remaining employees will be maximised.
Eurofound (2019), Caisse d’Epargne Grand Est Europe, Merger/Acquisition in France, factsheet number 96527, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96527.
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