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
440 - 500 jobs Number of planned job losses
Announcement Date
31 October 2024
Employment effect (start)
18 November 2024
Foreseen end date
29 November 2024
Description
The banking group National Bank of Greece has announced a new voluntary redundancy plan directed at 440-500 employees. Applications will open on November 18, 2024, and close on November 29, 2024. The aim is to reduce operating costs and bring in employees with new skills. The rationalization plan does not include branch closures but focuses on further improvements to the modern operational standards of the existing network.
The programme offers a one-off compensation of up to €200,000 depending on years of service, age and monthly salary and is directed at employees who are either close to retirement or were working in departments, units, or branches that are no longer active.
This is not an isolated plan as NBG proceeded with voluntary redundancy programmes in the three-year period 2020-2022, during which more than 1,000 employees left.
Eurofound (2024), National Bank of Greece (NBG), Internal restructuring in Greece, factsheet number 201866, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201866.
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.
