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
250 jobs Number of planned job losses
Announcement Date
10 September 2008
Employment effect (start)
15 September 2008
Foreseen end date
31 December 2008
Description
France-based Credit Agricole has announced that it would cut investment banking jobs by the end of 2009. The company has announced that it is planning to cut about 250 jobs at Calyon in France and 1,200 more jobs could be threatened. Its investment banking arm, after the unit reported 6.5 billions euros in writedowns linked to the credit crisis. The bank said that it would try and cut costs by 300 millions euros by the end of next year through measures such as shedding staff and closing businesses.
The bank said half of the job cuts at Calyon would come through voluntary redundancies and 'natural turnover' in its French business. About 250 jobs are to be cut from the bank's international operations.
Eurofound (2008), Calyon, Internal restructuring in France, factsheet number 67041, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67041.
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.
