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 64.1 - Monetary intermediation
2,200 jobs Number of planned job losses
Announcement Date
1 October 2015
Employment effect (start)
12 November 2015
Foreseen end date
Description
Swiss owned bank Credit Suisse has announced plans to cut its London workforce by 2,000. This is approximately one third of the 6,600 people the company employs in London. Its new chief executive had unveiled the plans to investors in early October though at that time there was no information on when the job cuts would start to take effect. The 2,000 jobs will come mainly from back office roles with around 200 coming from front office roles. In November it was reported that the first round of job cuts had started with around 200 jobs to go in the first round of cutbacks. As of early December 2015, there is no further information available about the timescale for the remaining job losses.
Update 18/02/2016: Credit Suisse has announced a further 200 jobs will be lost from its London office as part of the cutbacks originally announced in late 2015. Plans to reduce the workforce came with the release of the 2015 financial results, during which the bank made a pre-tax loss of CHF2.4bn (approx. €2 billion) annual loss - the first loss made by the bank since the financial crisis in 2008.
Sources
21 October 2015: This is Money
12 November 2015: Reuters
18 February 2016: The Times
Citation
Eurofound (2015), Credit Suisse, Internal restructuring in United Kingdom, factsheet number 85609, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85609.
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.
