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
2,500 jobs Number of planned job losses
Announcement Date
11 May 2005
Employment effect (start)
Foreseen end date
Description
National Australia Bank (NAB) is to cut 2,500 jobs in Australia and close 100 branches in the UK as it tries to recover from a trading scandal. NAB is looking to keep ahead of rivals, such as Commonwealth Bank of Australia and Westpac Banking, which have been putting in a better performance. The bank is still recovering from a trading scandal that broke at the start of 2004 when it emerged the company had currency dealing losses of $184 million (£98 million). It is also facing increased competition in Australia and Europe, rising UK pension costs and a bureaucratic structure.
Sources
11 May 2005: BBC News
Citation
Eurofound (2005), National Australia Bank, Internal restructuring in World, factsheet number 61582, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61582.
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.
