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
126 jobs Number of planned job losses
Announcement Date
19 May 2010
Employment effect (start)
Foreseen end date
Description
The mutual Newcastle Building Society has announced plans to cut 126 jobs and close four branches in a bid to cut costs. The cuts will affect back office and management posts while the company said it would try to keep compulsory job losses to a minimum by offering voluntary redundancies and redeployment. Branches to close include West Road in Newcastle, Crook in County Durham, Yarm in Stockton-on-Tees and York.
Sources
19 May 2010: BBC News ()
Citation
Eurofound (2010), Newcastle Building Society, Internal restructuring in United Kingdom, factsheet number 70763, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70763.
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.
