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
4,000 - 6,000 jobs Number of planned job losses
Announcement Date
24 January 2013
Employment effect (start)
24 January 2013
Foreseen end date
31 January 2017
Description
Commerzbank will cut up to 6,000 jobs over the next four years. The jobs will be lost worldwide and in all units of the bank, with the exception of its subsidiaries Comdirect and BRE Bank.
The restructuring comes in an effort to reduce costs. Commerzbank took over Dresdner Bank four years ago and is confronted with a too large and lossmaking domestic branch network.
The union Verdi expects most redundancies in Germany (up to 4,600 jobs) and foremostly in local branches.
Sources
24 January 2013: Bloomberg
24 January 2013: Financial Times
Citation
Eurofound (2013), Commerzbank, Internal restructuring in World, factsheet number 74811, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74811.
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.
