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 64.9 - Other financial service activities, except insurance and pension funding
209 - 244 jobs Number of planned job losses
35 jobs Number of planned job creations
Announcement Date
5 July 2011
Employment effect (start)
6 October 2011
Foreseen end date
Description
Management of BNP Paribas Personal Finance announced that over 200 jobs in its mortgage lending group willl be cut while 35 new jobs will be created in the retail banking branch.
BNP Paribas Group employs around 29,000 employees worldwide. The affected unit is the specialist personal credit provider of the Group. The management mentioned that the aim of this restructuring is to meet the new "Basel" standards imposed on banks following the financial crisis that started in 2008. With this restructuring measure, BNP Paribas intends to merge some of the activities of mortgage lending into the retail banking activities, so that the group can rely upon collecting deposits and therefore reduce institutional costs. "There will be no forced departures" stated by the bank, the restructuring will focus on "internal redeployment", which was confirmed by the trade unions. Starting immediately, on 1st of July, the phase of consultation with staff representatives is to be completed byOctober 2011.
Sources
5 July 2011: Les Echos
5 July 2011: Le Monde
Citation
Eurofound (2011), BNP Paribas Personal Finance, Internal restructuring in France, factsheet number 72152, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72152.
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.
