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
120 jobs Number of planned job losses
Announcement Date
19 March 2025
Employment effect (start)
19 March 2025
Foreseen end date
1 July 2025
Description
The bank Ikano Bank announced in March of 2025 that it will reduce its workforce across its entire operations by about 200 people, with 120 of the departing workers being in Sweden. This measure represents a cut of roughly 20% of Ikano Bank's Swedish workforce. The other 80 affected jobs will be cut across their operations in the other Nordic countries, Austria, Poland, the UK, and Germany.
The reason for the cuts is the need for the bank to improve its efficiency. The bank aims to have completed the cuts by the turn of the mid-year of 2025.
Eurofound (2025), Ikano Bank, Internal restructuring in Sweden, factsheet number 202511, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202511.
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.
