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
400 - 900 jobs Number of planned job losses
Announcement Date
2 November 2004
Employment effect (start)
2 November 2004
Foreseen end date
1 March 2005
Description
Commerzbank AG will shed over 400 jobs at its loss-making investment banking arm, Commerzbank Securities, reducing the division's workforce by a third. According to The Financial Times Deutschland and Handelsblatt, Commerzbank Securities operations in New York and Tokyo would be scaled down dramatically, while jobs would also go in London and Frankfurt.
On 10 November , Commerzbank announced it would axe 900 jobs at its investment-banking operations, close the Tokyo office and scale back volatile parts of its business such as proprietary trading.
Sources
10 November 2004: Süddeutsche Zeitung
10 November 2004: Financial Times Deutschland
4 November 2004: Financial Times Deutschland
4 November 2004: Handelsblatt
Citation
Eurofound (2004), Commerzbank Securities, Internal restructuring in World, factsheet number 60734, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60734.
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.
