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.
Southampton (South East) Stockton-on-Tees(North East)
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
New offshoring locations
600 jobs Number of planned job losses
Announcement Date
16 May 2004
Employment effect (start)
Foreseen end date
Description
Nearly 600 jobs could be lost from Abbey National as the banking group looks at moving its call centres overseas. Abbey is understood to be reviewing its call centres and other operational sites with IT services supplier EDS, with which it has a £260 million joint venture, and is reported to be considering moving billing and call centre operations to India, which could lead to the loss of 470 jobs at Abbey's site near Southampton and about 100 jobs from Stockton-on-Tees.
Sources
16 May 2004: The Observer
Citation
Eurofound (2004), Abbey National, Offshoring/Delocalisation in United Kingdom, factsheet number 60346, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60346.
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.
