EMCC European Monitoring Centre on Change

KBL

Company/Organisation:
KBL

Geographic Location

Country: Luxembourg
Region: Luxembourg (Grand-Duché); Luxembourg (Grand-Duché); Luxembourg (Grand-Duché)
Location of affected unit(s): Luxembourg

Company

Sector: Financial services
Financial and insurance activities
64.99 - Other financial service activities, except insurance and pension funding n.e.c.
Number Employed: 1134
Group: KBL European Private Bankers SA

Employment Effects

Announcement Date: 26-11-2012
Planned Job Reductions min: 136
Type of Restructuring: Internal restructuring
Employment Effect Start: 07-12-2012
Foreseen End Date: 31-12-2012
Direct Dismissals: 106
Other Job Reduction Measures: 30

Additional Information

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.