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 - Financial service activities, except insurance and pension funding
243 jobs Number of planned job losses
Announcement Date
22 February 2021
Employment effect (start)
Foreseen end date
Description
The Royal Bank of Canada (RBC), is to layoff 243 employees in Esch-sur-Alzette, the second city in Luxembourg.
A social plan with unions has been already signed in December 2019 and extended until the end of 2021. Thus, employees affected by the social plan who will find a new job during the current social plan will be able to benefit from 100% of the legal and non-legal benefits of the social plan.
The news follows 210 redundancies in 2013 and 201 redundancies in 2019.
Eurofound (2021), RBC, Internal restructuring in Luxembourg, factsheet number 103914, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103914.
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.
