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.
The bank HSBC has announced 35,000 job cuts over three years as part of a major reorganisation and cost saving plan. The announced job cuts represent about 15% of the group's global workforce. The interim chief executive said that the Bank expects a decline of the workforce from the current level of 235,000 to 200,000 in 2022. HSBC operates in 64 countries. The company explains there would be job cuts in the UK, mainly London-based since the affected units include its head office operations as well as its global banks and markets business. The bigger share of job cuts will occur in EU operations where HSBC faces losses.
Former worldwide restructurings were announced in 2015 with 25,000 job cuts, in 2013 with 14,000 job cuts, in 2011 with 5,000 job cuts and in 2008 with 1,100 job cuts.
Eurofound (2020), HSBC, Internal restructuring in World, factsheet number 99854, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99854.