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
110 jobs Number of planned job losses
Announcement Date
1 December 2011
Employment effect (start)
Foreseen end date
31 December 2011
Description
Swedish bank Swedbank has announced its intention to dismiss around 110 employees in Lithuania by the end of 2011.
According to the management the main cause for the dismissals is the reduced need of human resources for crisis management as well as new capital requirements. The Swedish Government plans to increase the capital requirements beyond what is required by international banking guidelines to ensure financial stability following Europe's debt crisis.
Swedbank announced that the company will lay off around 300 employees in Sweden (see here) and around 300 in the Baltic countries.
Currently Swedbank employs around 2,200 people in Lithuania.
Sources
1 December 2011: Verslo zinios
Citation
Eurofound (2011), Swedbank, Internal restructuring in Lithuania, factsheet number 72819, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72819.
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.
