BNP Paribas Fortis

Type
Internal restructuring
Country
Belgium
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding
270 jobs
Number of planned job losses
Job loss
Announcement Date
22 September 2012
Employment effect (start)
31 October 2012
Foreseen end date
31 October 2014

Description

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.

Sources

  • 22 September 2012: L'Echo
  • 22 September 2012: Le Soir

Citation

Eurofound (2012), BNP Paribas Fortis, Internal restructuring in Belgium, factsheet number 74205, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74205.