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
1,700 jobs Number of planned job losses
Announcement Date
4 November 2009
Employment effect (start)
Foreseen end date
Description
HSBC has announced plans to cut 1700 jobs from back office operations across the UK. The cuts are part of the restructuring of branch network management and the consolidation of the bank's collections and cards operations. Credit card and debt collection services currently based in Southend are to be consolidated in Birmingham. Unite the union said it was "appalled" that HSBC could axe staff who have "contributed to £3bn half-year profits". HSBC plans to implement the redundancies in the next 12 to 18 months.
Sources
4 November 2009: BBC News
9 November 2009: Financial Times
Citation
Eurofound (2009), HSBC, Internal restructuring in United Kingdom, factsheet number 69800, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69800.
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.
