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
440 jobs Number of planned job losses
Announcement Date
25 March 2021
Employment effect (start)
Foreseen end date
Description
The Dutch bank ING announced 440 jobs cuts in the Netherlands.
The reorganisation involves 69 of its local offices (240 jobs cuts), and the private banking department, which manages the assets of wealthy individuals (200 jobs cuts). Digitalization and the COVID-19 pandemic are the main reasons behind the restructuring.
ING expects at least part of the job cuts will occur by not extending temporary contracts and a voluntary redundancy scheme. Furthermore, ING plans to support affected employees in their job search, inside or outside the company.
The closure of 69 local offices comes on top of the closure of 40 offices in July 2020, which could then be realised without job cuts. After the reorganisation, only 60 local offices remain open. Instead, ING aims to expand the number of "service points" in stores of other companies, for example, bookstores, from 75 to 321.
Eurofound (2021), ING, Internal restructuring in Netherlands, factsheet number 104074, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/104074.
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.
