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 64.9 - Other financial service activities, except insurance and pension funding
460 jobs Number of planned job losses
Announcement Date
16 October 2009
Employment effect (start)
Foreseen end date
31 March 2010
Description
Lloyds Banking Group has announced that 460 jobs (including 360 full-time roles) are to be cut following the sale of its Halifax estate agency business to LSL Property Services for £1. The majority of employees currently employed in the business will be transferred to the new owner. These branches will be rebranded with one of LSL's existing brands: Your Move, Reeds Rains or Intercounty. Most of the job cuts will be amongst staff running banking counters within estate agents, but the company has said that it will try to avoid compulsory redundancies.
Sources
16 October 2009: The Guardian
16 October 2009: BBC Website
Citation
Eurofound (2009), Halifax, Internal restructuring in United Kingdom, factsheet number 69715, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69715.
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.
