EMCC European Monitoring Centre on Change

SPB (Société de Prévoyance Bancaire)

Company/Organisation:
SPB (Société de Prévoyance Bancaire)

Geographic Location

Country: World
Location of affected unit(s): France, Poland, Spain, UK

Company

Sector: Financial services
Financial and insurance activities
66.22 - Activities of insurance agents and brokers
Number Employed: 1800

Employment Effects

Announcement Date: 11-06-2020
Planned Job Reductions min: 230
Planned Job Reductions max: 230
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-07-2020
Foreseen End Date: 31-12-2020
Direct Dismissals: 230

Additional Information

The insurance company SPB Group has announced a reorganisation with 230 job cuts in Europe including 121 in France. About 109 job cuts will occur in other countries, mainly in UK, Spain and Poland. SPB is an European leader in insurance for major brands (Auchan, BNP, Carrefour, Darty, Leclerc, Fnac, Micromania, LCL, Orange, SFR). The company was growing, but the COVID-19  crisis and the shutdown of the economy during the three months of containment caused contracts to fall by 80% and the forecasts for the coming months and years are not good. The CEO is counting on a 15 to 20% drop in turnover for the year 2020. In 2019, the company recorded €200 million in turnover, so it is projecting a loss of €30 million at the end of the year. 

Several former expansion were announced in 2015 (150 job creations),  in 2013 (150 job creations in France and 300 job creations in Europe) and 160 job creations worldwide in 2008. 

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