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 Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
300 - 450 jobs Number of planned job losses
Announcement Date
3 September 2008
Employment effect (start)
3 September 2008
Foreseen end date
3 September 2011
Description
Pearl, a company that operates in the financial services sector, has announced that it is to close its offices in Peterborough and Glasgow. This could lead to the loss of up to 270 jobs in Glasgow and 180 in Peterborough, although the company has announced that it hopes to cut only 300 of its 1800 employees. The company is closing the offices in order to consolidate its business at its site in Wythall, near Birmingham, and the company has stated that this reorganisation will take between eighteen months and three years to complete.
Sources
4 September 2008: The Guardian
3 September 2008: BBC News
Citation
Eurofound (2008), Pearl, Internal restructuring in United Kingdom, factsheet number 67040, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67040.
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.
