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 64.20 - Activities of holding companies
120 jobs Number of planned job losses
Announcement Date
30 January 2020
Employment effect (start)
30 January 2020
Foreseen end date
30 April 2020
Description
The Danish insurance, pension and banking group, Alm. Brand, cuts 7% of the workforce. On 30 January 2020 the group presented its 2019 financial statements, which contained the announcement that it would dismiss 120 employees who had already been notified during the same morning. Alm. Brand stated that the restructuring affected mainly staff functions at the headquaters in the Port of Copenhagen. The dismissals are a result of the group 'reinventing the financial supermarket' and that the CEO will integrate the three business legs to a greater extent by cross-selling to customers, where it was previously only the insurance part that took care of the insurance customers and so on. Thus, it has been possible to combine more staff functions and also due to IT investments and automation, the company needs fewer employees.
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.
