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
2,800 jobs Number of planned job losses
Announcement Date
30 June 2020
Employment effect (start)
30 June 2020
Foreseen end date
31 December 2023
Description
Financial service provider Norddeutsche Landesbank announced it plans to cut 2,800 jobs out of 5,300 by the end of 2023. The company stated that redundancies would be completed on a voluntary basis (by early retirement or voluntary departure) and no job had to be cut "due to operational reasons". The bank had run major deficits in 2019 due to non-performing loans in the shipbuilding sector. Norddeutsche Landesbank received a bailout package worth €3.6 billion in 2019 from the group of Sparkassen savings banks as well as the Lower Saxony regional government after coming under pressure to make good shortfalls in regulatory capital. This aid was subsequently approved as compliant with EU state aid rules. In addition to the job cuts, the bank is also restructuring its business and investing around €500 million in a new digitalisation initiative and new IT-systems.
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.
