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
185 jobs Number of planned job creations
Announcement Date
26 October 2006
Employment effect (start)
Foreseen end date
Description
Financial Services firm Citigroup has announced that 185 jobs will be created at its technology centre of excellence in Belfast. It said the investment would 'contribute a further 21 million GBP to the local economy' and bring employment at Citigroup's Belfast operation to 560.
Invest Northern Ireland has offered 3.6 million GBP in financial assistance for the investment. Secretary of State Peter Hain said Citigroup's commitment to Northern Ireland was clearly evident through several major investments it had made.
'This new investment will strengthen Citigroup's presence in Northern Ireland, provide high quality, sustainable career opportunities and further enhance and build Northern Ireland's reputation as a world class centre for financial services companies', he said.
Robert Druskin of Citigroup Corporate and Investment Banking said its Belfast centre 'has delivered significant benefits to our global operations'.
'With the rapid development of our Belfast operation, we are now in a position to strengthen our presence with a second major investment,' he said.
'We are confident that through our renewed commitment to this region we will continue to add value both to Citigroup and the NI economy.'
Sources
26 October 2006: BBC News
Citation
Eurofound (2006), Citigroup, Business expansion in United Kingdom, factsheet number 64323, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64323.
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.
