EMCC European Monitoring Centre on Change



Geographic Location

Country: European Union
Location of affected unit(s): Belgium, Czech Republic, Bulgaria


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 42000

Employment Effects

Announcement Date: 04-09-2019
Planned Job Reductions min: 2150
Planned Job Reductions max: 2150
Type of Restructuring: Internal restructuring
Employment Effect Start: 05-09-2019
Foreseen End Date: 01-09-2022

Additional Information

KBC, one of the largest Belgian banks, has announced a significant restructuring plan within the coming 3 years with over 1,650 job cuts. The aim is to improve efficiency. In total KBC will cut 1,400 jobs  starting in September 2019 across all of its Belgian facilities (local offices, headquarters, support services, and so on). In addition it will terminate contracts with 400 external contractors that are currently working for the company. In Belgium, according to the company, the job cuts will be implemented without compulsory redundancies and only through natural departures (in average 500 departures per year are recorded). 'It is KBC’s intention to make the necessary changes with full respect for its employees and through an open and constructive dialogue with all involved and with the social partners', explains the company.

Some 300 jobs will be relocated to service centres in Czechia (Brno) and Bulgaria (Varna). KBC has also announced to cut, at least 250 positions on annual basis in the coming three years in its Czech subsidiairies ČSOB (750 job cuts in total) , where forced dismissal are not excluded. ČSOB has already cut 400 positions from June 2018 to June 2019.