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 / Insurance/ Estate Financial service activities, except insurance and pension funding Monetary intermediation 64.19 - Other monetary intermediation
100 jobs Number of planned job losses
Announcement Date
12 February 2025
Employment effect (start)
1 March 2025
Foreseen end date
31 December 2026
Description
Savings bank Sparebank 1 Sør-Norge has announced a reduction of 100 full-time equivalent positions over a two-year period, to be completed by the end of 2026. The job reductions will take place within the banking division following the merger between SpareBank 1 SR-Bank and SpareBank 1 Sørøst-Norge in October 2024. The company currently employs approximately 1,600 people.
Following the merger, the company conducted a financial review and determined the need for staff reductions to align workforce capacity with technological advancements and process optimisation. Despite initial assurances that the merger would not lead to job cuts, the bank now sees the need to adjust staffing levels. The reduction of 100 FTEs will occur through natural attrition, meaning no forced redundancies or severance packages are planned. The bank expects that retirements and voluntary resignations will account for the decrease, as approximately 5% of employees leave annually for new opportunities or retirement.
The restructuring has been met with a relatively calm response from employee representatives. Sindre Aarsæther, the union representative from Handel og Kontor (HK), and Sally Lund-Andersen, the chief employee representative for Finansforbundet, both indicated that the process appears to be well-managed and is not causing significant concern among employees. Union representatives are actively engaged in discussions with management to ensure smooth implementation, with an emphasis on maintaining staffing levels in customer-facing roles and utilising internal mobility to fill skill gaps.
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.
