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
11,000 jobs Number of planned job losses
Announcement Date
5 December 2012
Employment effect (start)
5 December 2012
Foreseen end date
30 June 2013
Description
Financial services provider Citigroup streamlines its worldwide operations. The operation implies the loss of 11,000 or more jobs.
The company estimates that 6,200 positions will be lost in Global Consumer Banking, among others in consumer operations in Romania. Another 1,900 jobs will be lost in its Institutional Clients Group. In Europe, the company will reduce in Hungary four branches in that department. 350 jobs will be eliminated at Citi Holdings, notably in Greece and Spain. 2,600 positions will be lost in supporting services and Global Functions.
Sources
5 December 2012: Company press release
Citation
Eurofound (2012), Citigroup, Internal restructuring in World, factsheet number 74605, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74605.
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.
