EMCC European Monitoring Centre on Change

Fortis Bank

Company/Organisation:
Fortis Bank

Geographic Location

Country: European Union
Location of affected unit(s): Belgium, The Netherlands.

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Group: Fortis

Employment Effects

Announcement Date: 23-06-2005
Planned Job Reductions min: 1200
Planned Job Reductions max: 1200
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2009
Other Job Reduction Measures: 1200

Additional Information

Fortis bank announced on 23 June 2005 its new strategic plan for the period 2005-2009. The plan involves new investments as well as cost reductions. 1,200 jobs are to go by 2009, through the non renewal of temporary contracts and early retirements measures. The affected jobs will be cut in the human resources , IT and logistics departments, mostly in Benelux countries. The group plans to save up to €100 million in 2006 and gradually €250 million by 2009. On a more positive side, Business centres are to be opened in the Czech Republic, Austria and Hungary by 2009.