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 64.9 - Other financial service activities, except insurance and pension funding
700 jobs Number of planned job losses
Announcement Date
14 January 2021
Employment effect (start)
14 January 2021
Foreseen end date
31 December 2024
Description
As announced on 14 January 2021, the German bank Landesbank Baden-Württemberg (LBBW) will be cutting approximately 700 jobs until the end of 2024 due to internal restructuring. Bank's CEO confirmed the number of cuts, which is equivalent to 7% of the entire workforce. LBBW intends to reduce costs by €100 million compared to 2019. Further information such as the location of cuts and information on a social plan were not conveyed by the CEO. However, employees hope that cuts will be achieved via early retirement programmes and as socially acceptable as possible. According to the CEO, the COVID-19 crisis was not the reason for the job reduction - rather an accelerator to examine the company’s strategy. LBBW has approximately 10,111 employees and 100 branches in Germany.
In 2019, the bank announced plans for business expansion with 125 new jobs at new branches.
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.
