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
15 July 2019
Employment effect (start)
15 July 2019
Foreseen end date
Description
The banking group Piraeus Bank has announced a new plan of voluntary redundancies. The applications started on 15 July and finishes on 16 August. The restructuring plan provides for compensation up to €160,000. It targets any employee who wishes to participate, under the condition that the employee has completed a full continuous service of three years in the group. There is not a specific number of employees who will exit, but it is estimated that about 2,000 employees will participate. This programme is only a part of a total project of voluntary redundancies in Piraeus Banking Group for the period 2019-2021, aiming to reduce its operating costs at least by €150 million. Piraeus Bank intends to the total exit of about 5,000 employees by the end of 2021.
Eurofound (2019), Piraeus Bank , Internal restructuring in Greece, factsheet number 98169, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/98169.
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.
