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 64.1 - Monetary intermediation
3,000 jobs Number of planned job losses
Announcement Date
22 November 2004
Employment effect (start)
Foreseen end date
Description
Following the takeover of the bank and mortgage provider Abbey by Santander Central Hispano (BSCH) the new owners of the group have said they expect there to be a 3,000 reduction in the number of the employees. Union officials have voiced ‘increasing concern' about Abbey jobs in Scotland after accusing the bank's new owners of cancelling talks at the last minute. Amicus said key talks with Santander Central Hispano were called off at the ‘eleventh hour'. In particular, the union said it wanted assurances about jobs at Scottish Mutual and Scottish Provident. The overall job losses are thought to affect all areas of the banks employment but no precise plans have yet been announced.
Sources
25 November 2004: The Guardian
23 August 2004: BBC News
Citation
Eurofound (2004), Abbey, Merger/Acquisition in United Kingdom, factsheet number 60773, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60773.
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.
