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.
America, London, Paris, Vienna, Amsterdam, Stockholm, Hamburg
Sector
Information / Communication Information Service Activities Digital Infrastructure Services 63.11 - Data processing, hosting and related activities
1,300 - 1,560 jobs Number of planned job losses
Announcement Date
31 August 2022
Employment effect (start)
31 August 2022
Foreseen end date
Description
Snap, a visual messaging company, has announced it will reduce it's global workforce by approximately 20%. Job cuts will vary from team to team and the exact locations where restructuring will have an impact are not yet known. Snap state that their forecasts predict slower growth than anticipated over the next years. As a result the company is focusing on three priorities: community growth, revenue growth, and augmented reality. Due to the market conditions and this change in strategy, employees who do not contribute directly to the organisational strategy will be fired.
Employees in America will receive four months financial compensation. International compensation and benefit schemes have not been announced, however Snap has said they will be tailored to local norms.
Snap Inc. succesffuly completed a bid for an IPO in 2017 and includes brands such as Snapchat, Spectacles and Bitmoji.
Eurofound (2022), Snap, Internal restructuring in World, factsheet number 107848, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107848.
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.
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