Luxembourg (Grand-Duché); Luxembourg (Grand-Duché); Luxembourg (Grand-Duché)
Location of affected unit(s):
Financial and insurance activities
64.99 - Other financial service activities, except insurance and pension funding n.e.c.
KBL European Private Bankers SA
Planned Job Reductions min:
Type of Restructuring:
Employment Effect Start:
Foreseen End Date:
Other Job Reduction Measures:
The bank KBL has announced to cut about 136 positions by the end of December, out of a total of 1,134 employees, in the framework of a cost saving plan.
The management has negotiated a social plan with the ALEBA union. 30 jobs will be cut through voluntary departures and 106 will be forced dismissals. According to the unions, two-thirds of the dismissed employees are older than 45 years.
The management explained its decision by the crisis in the euro zone and an effort to sell the bank.