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
3,000 - 16,300 jobs Number of planned job losses
Announcement Date
1 August 2002
Employment effect (start)
1 August 2002
Foreseen end date
1 December 2005
Description
A first plan of 7800 jobs was announced earlier in 2002. A second announcement occurred in September 2002: 3,000 job losses (1,200 at the Dresdner Kleinwort Wasserstein). On December 6 2002, a new announcement was made: 800 dismissals out of the 2,400 active in the business banking branch. In May 2003, management was discussing a collective worktime reduction to avoid further job suppressions. In August 2003, management announced its intention to suppress 4,700 more jobs during the following two years. In April 2004, since the beginning of the ‘Neue Dresdner' plan, some 11,000 jobs had already been shed. Since the announcement of August 2003, 1,200 jobs have been lost, 3,500 remain to be shed, but the possibilities offered by early retirement and similar measures have been used. Now, the company will resort to direct dismissals.
Sources
27 April 2004: Financial Times Deutschland
13 May 2003: Financial Times Deutschland
2 August 2002: Financial Times Deutschland
25 October 2002: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2002), Dresdner Bank, Internal restructuring in World, factsheet number 59812, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59812.
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.
