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
2,000 jobs Number of planned job losses
Announcement Date
28 July 2011
Employment effect (start)
Foreseen end date
Description
The bank Credit Suisse has announced that it will shed 2,000 jobs worldwide. This is due to poorer than a unexpected performance in the second quarter of the year. The cuts occur after an aggressive period of hiring which had been originally intended to create an advantage over its competitors, which had been weakened as a result of the financial crisis. Approximately 500 job losses will occur in Switzerland and the others will occur in all locations where the bank has branches.
Sources
28 July 2011: Reuters
28 July 2011: The Financial Times
Citation
Eurofound (2011), Credit Suisse, Internal restructuring in World, factsheet number 72254, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72254.
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.
