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
633 jobs Number of planned job losses
Announcement Date
30 September 2021
Employment effect (start)
30 September 2021
Foreseen end date
31 December 2023
Description
At the end of September 2021, the British bank HSBC announced a restructuring of its German affiliate Trinkhaus & Burkhardt which will lead to the cut of 633 jobs. Trinkhaus & Burkhardt is a private bank which in 2019 was employing nearly 3,100 employees. Trinkhaus & Burkhardt closure is motivated by improvement in bank efficiency. Job cuts are to be realised by 2023. It is still unclear which German sites are affected in detail. However, works councils' of the different operational units did not all agree with HSBC's plans. Negotiations are currently ongoing and the arbitration process is not yet complete.
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.
