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
1,500 jobs Number of planned job losses
Announcement Date
3 December 2020
Employment effect (start)
Foreseen end date
Description
The banking institute Banco BPM announced its decision to close 300 small branches and consequent redundancies for 1,500 workers.
The decision is connected to the strong growth in digital banking and the decrease in physical access to branches, and it has the declared goal to strengthen larger branches, allowing to offer customers greater advice and services at those locations.
The dismissals will take place on a voluntary basis and will be supported by the sectoral Solidarity Fund, which should accompany workers to retirement.
Employees who are styaing in employment will be involved in a training programme to equip them to perform new tasks.
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.
