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.
Administrative Services Office Administrative, Office Support And Other Business Support Activities Office Administrative And Support Activities 82.11 - Combined office administrative service activities
550 jobs Number of planned job losses
Announcement Date
21 January 2020
Employment effect (start)
1 February 2020
Foreseen end date
Description
The Danish based provider of digital payment services and related technology solutions across Europe, Nets, plans to dismiss 550 employees across Europe. In Denmark, 115 will be made redundant and around 450 in 12 other countries. The job cuts will be distributed between both managers and employees. The CFO said to the Danish financial sector magasine, Finanswatch, that the dismissals are a product of many acquisitions that Nets has made in recent years.
Prior to the acquisitions and integrations, Nets had 2,500 employees - a level that has been maintained since the banks in Denmark and Norway sold Nets to two US equity funds and to the Danish pension fund ATP in early 2014. Negotiations about severance pay and other mitigating effects with both Danish and foreign trade unions will start in the first quarter, and this will probably reduce the number of employees to below 3,500.
Eurofound (2020), Nets, Internal restructuring in World, factsheet number 99842, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99842.
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