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 64.19 - Other monetary intermediation
140 jobs Number of planned job losses
50 jobs Number of planned job creations
Announcement Date
24 June 2021
Employment effect (start)
24 June 2021
Foreseen end date
30 June 2024
Description
As announced on 24 June 2021, the German financial institute Sparkasse in Frankfurt will dismiss 140 full-time employees by 2025 due to internal restructuring. The affected positions relate to staff of the branches (60%) as well as to employees at the headquarters (40%). The step is related to the planned closure of 17 out of 60 branches until the middle of 2024. Furthermore, Sparkasse Frankfurt will be creating around 50 new jobs for digital consultations. Sparkasse Frankfurt expects that only 20% of its customers will be using its branch system in the future. Consequently, Sparkasse Frankfurt is optimising its processes and will focus on online banking with the premise to reduce its annual personnel costs by €10 million.
Currently Sparkasse Frankfurt has 1,400 employees in Germany.
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.
