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 64.19 - Other monetary intermediation
144 jobs Number of planned job losses
Announcement Date
12 June 2020
Employment effect (start)
Foreseen end date
Description
The Wizink bank specialised in credit cards has announced a collective layoff plan affecting 144 employees out of a total of 1,520 in Spain. This decision is due to the problems derived from COVID-19 and the consequent drop in credit consumption, but also due to the economic consequences of a Supreme Court ruling on the interest rate linked to revolving cards. Thus, the company has set aside €142 million of its budget for court cases. In any case, the income balance account was positive last year (2% incomes increase and 13% cost reduction) and the bank is looking at widening its commercial offer to include services other than credit cards.
Eurofound (2020), Wizink, Internal restructuring in Spain, factsheet number 101076, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101076.
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.
