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
270 jobs Number of planned job losses
Announcement Date
22 September 2012
Employment effect (start)
31 October 2012
Foreseen end date
31 October 2014
Description
The bank BNP Paribas Fortis announced its intention to cut 270 jobs in Belgium in the next two years. According to the plan ‘Initiatives 2014’ presented by the management, the company has to reduce its expenditure by €200million per year.
This follows previous demands to cut costs. The employees have already accepted a reduction of 3% of their wages until 2016. According to the management further reductions are needed.
Among the 270 jobs, 186 will be cut within the IT service and 84 within the trade finance operations service.
Sources
22 September 2012: L'Echo
22 September 2012: Le Soir
Citation
Eurofound (2012), BNP Paribas Fortis, Internal restructuring in Belgium, factsheet number 74205, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74205.
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.
