EMCC European Monitoring Centre on Change

BNP Paribas Fortis

Company/Organisation:
BNP Paribas Fortis

Geographic Location

Country: Belgium

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 1200
Group: BNP Paribas Fortis

Employment Effects

Announcement Date: 22-09-2012
Planned Job Reductions min: 270
Planned Job Reductions max: 270
Type of Restructuring: Internal restructuring
Employment Effect Start: 31-10-2012
Foreseen End Date: 31-10-2014

Additional Information

The bank BNP Paribas Fortis announced its intention to cut 270 jobs in Belgium in the next two years. According to the plan ‘Initiatives 2014’ presented by the management, the company has to reduce its expenditure by €200million per year.

This follows previous demands to cut costs. The employees have already accepted a reduction of 3% of their wages until 2016. According to the management further reductions are needed.

Among the 270 jobs, 186 will be cut within the IT service and 84 within the trade finance operations service.