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 64.11 - Central banking
3,000 jobs Number of planned job losses
Announcement Date
14 November 2008
Employment effect (start)
Foreseen end date
Description
Royal Bank of Scotland is to cut about 3,000 jobs from its global workforce of 170,000 in an attempt to survive the current economic crisis. The bank is already receiving £20bn from the UK government and blames its past, high exposure to the US subprime market for the £691m loss in the first half of the financial year. The job losses will affect RBS investment banking businesses and the staff in the global banking and markets division. Employees will be briefed on the cuts within the next two weeks (by the end of November 2008). It is expected that the cuts will affect more than 50 countries.
Sources
14 November 2008: The Guardian
14 November 2008: BBC News
Citation
Eurofound (2008), Royal Bank of Scotland (RBS), Internal restructuring in World, factsheet number 67380, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67380.
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.
