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
240 jobs Number of planned job losses
Announcement Date
1 October 2024
Employment effect (start)
1 October 2024
Foreseen end date
Description
German financial services company Solaris has announced that it will cut about 240 jobs worldwide.
The layoffs will affect jobs in Germany, the UK and Lithuania, primarily at its Electronic Money Institution (EMI) division, which is expected to be discontinued. Under the programme, the company is to close its business in Lithuania. The restructuring programme aims also to reorganize the company’s operations.
Solaris, which reported a €178 million loss in 2023, is now refocusing its business strategy toward large clients in the technology and mobility sectors. Solaris also faces regulatory scrutiny; Germany’s financial regulator BaFin has imposed strict oversight to ensure compliance, particularly regarding anti-money laundering controls. Solaris has committed significant resources toward these regulatory adjustments and plans to achieve profitability by 2025.
Founded in 2015, Solaris currently employs 700 staff across eight offices including Germany, the UK, Lithuania and India
Eurofound (2024), Solaris , Internal restructuring in World, factsheet number 201861, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201861.
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.
