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 64.1 - Monetary intermediation
200 jobs Number of planned job losses
Announcement Date
20 May 2021
Employment effect (start)
20 May 2021
Foreseen end date
22 July 2022
Description
The Austrian BAWAG PSK retail bank is to cut 200 jobs in Austria, to increase its efficiency. Branch employees and bankers who have been with the bank for a long time were affected. Employees who accept the farewell package can also be included in the banking foundation ("Branchenstiftung Finance"). The foundation is financed by the banking sector and co-financed by the AMS and, for Vienna, by the waff.
According to the annual report, the bank had an average of 4,201 employees or 3,580 full-time equivalents in 2020. The number of "active employees" (excluding employees on maternity leave or those included in the social plan concluded in 2018) was 3,118. In 2019, the bank had 4,367 employees or 3,694 full-time equivalents.
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.
