The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
120 - 180 jobs Number of planned job losses
Announcement Date
27 February 2020
Employment effect (start)
27 February 2020
Foreseen end date
Description
The Danish bank, Danske Bank, announced on 27 February 2020 in a press release that it will cut 400 jobs across group's offices in Europe, primarily within the staff and back-office functions. In January 2020, 2,000 employees were offered to leave the bank voluntarily, but only 60 employees accepted the offer. As it has not been possible to find new positions for all affected employees, 230 employees were dismissed, of which around 120 in Denmark, 60 in Finland and around 44 in Lithuania. In Sweden and Norway, fewer than 10 are laid off in each country. The job cuts are part of the bank's efforts to reduce costs.
The bank has 22,000 employees in total and around 11,000 in Denmark.
Sources
27 February 2020: Danske Bank Press Release (danskebank.com)
Eurofound (2020), Danske Bank, Internal restructuring in Denmark, factsheet number 100724, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100724.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
