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
200 jobs Number of planned job losses
Announcement Date
12 May 2016
Employment effect (start)
Foreseen end date
Description
Troubled banking group RBS has announced plans to cut another 200 jobs from its workforce as it continues to try to reduce operating costs. The job losses will result in the closure of some branches - RBS branches in Scotland and Natwest branches in Wales and South West England are understood to be those affected. The company which is 73% state owned had announced job cuts as recently as March 2016, offshoring some of the positions as well as cutting jobs in back office positions. A spokesperson for the company confirmed that the branch closures were necessary as footfall had declined as more and more customers switched to banking online. The time-scale for these latest closures has not yet been reported.
Sources
12 May 2016: Sky news
Citation
Eurofound (2016), RBS, Internal restructuring in United Kingdom, factsheet number 87641, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87641.
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.
