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
1,100 - 800 jobs Number of planned job losses
1,250 jobs Number of planned job creations
Announcement Date
9 October 2008
Employment effect (start)
Foreseen end date
31 December 2012
Description
On 10 October 2008, German banking corporation Deutsche Bank announced a 'growth and efficiency programme' which envisages the expansion of outlet centres and a reduction of all back-office activities. The company announced to cut 1,100 jobs in its back-office divisions concerned with credit handling and call centre activities.
According to Financial Times Deutschland, management informed the works council that 800 jobs are to be cut in Germany and 300 elsewhere in Europe, most of them in Poland, Spain and Italy.
In Germany, job cuts are to be realised by merging back-office activities. According to FTD information, several sites are at risk to be closed. The bank plans to concentrate back-office activities at Leipzig and somewhere in the Rhine-Ruhr region. FTD notes that employees at the Leipzig site are not covered by a collective agreement. Talks with the works council will continue in March 2009.
Sources
2 February 2009: Financial Times Deutschland
10 October 2008: Handelsblatt
Citation
Eurofound (2008), Deutsche Bank, Internal restructuring in Germany, factsheet number 67271, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67271.
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.
