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 Activities Auxiliary To Financial Services And Insurance Activities Financial Fund Management 66.3 - Fund management activities
New offshoring locations
Poland, India
101 jobs Number of planned job losses
Announcement Date
8 May 2019
Employment effect (start)
Foreseen end date
Description
As part of a larger long-term restructuring strategy within the State Street Bank global group that offers funding activities worldwide, the Luxembourg subsidiary based in Luxembourg-Kirchberg was affected by an outsourcing strategy that led to the cutting of 101 jobs out of a total of 800 jobs in the bank in Luxembourg. The company is setting up 'global hubs' in India and Poland with a view to automating specific jobs and tasks.
After a series of negotiations with the State Street Bank management in Luxembourg, the representative trade unions in the sector, the ALEBA, the OGBL Secteur Financier and LCGB-Sesf unions, signed a social plan (plan social) for the concerned 101 employees on the 8th of May 2019. The plan comprises a series of support measures and financial compensations measures for employees.
Eurofound (2019), State Street Bank Luxembourg, Offshoring/Delocalisation in Luxembourg, factsheet number 101632, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101632.
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.
