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
New offshoring locations
Various EU Locations
212 jobs Number of planned job losses
Announcement Date
18 December 2018
Employment effect (start)
31 January 2019
Foreseen end date
31 December 2021
Description
Clearstream, a banking and financial entity based in Luxembourg, will dismiss 212 employees. The social agreement concerning the restructuringhas been negotiated by three trade unions: ALEBA, OGB-L and LCGB and the staff delegations of Clearstream Banking and Clearstream International. Until April, affected employees can apply for voluntary departure but after that date, if not enough people have applied, the company will proceed with dismissals to achieve the planned dismissals by the end of 2021.
According to the trade Unipon ALEBA, the restructuring decision is driven by digitalisation and the opportunity to move some functions to less expensive locations in Europe.
Sources
Citation
Eurofound (2018), Clearstream, Offshoring/Delocalisation in Luxembourg, factsheet number 96298, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96298.
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.
