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
500 jobs Number of planned job losses
Announcement Date
10 September 2008
Employment effect (start)
15 September 2008
Foreseen end date
31 December 2008
Description
French banking group Credit Agricole is to axe 500 jobs worldwide at its corporate and investment banking arm, Calyon, half of which will take place in France. The job cuts, part of a restructuring plan via which Calyon aims to save 300 milions euros next year, will be made via voluntary redundancies and internal mobility. The bank is to put a stop to its high-risk and loss-making operations, such as structured products, in order to focus on more traditional financing activities.
Of the French banks, Credit Agricole has to date been the worst affected by the US subprime mortgage market collapse, suffering losses of 6.5 billions euros.
Eurofound (2008), Calyon, Internal restructuring in World, factsheet number 67071, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67071.
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.
