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
2,182 - 2,000 jobs Number of planned job losses
Announcement Date
19 July 2013
Employment effect (start)
3 September 2013
Foreseen end date
Description
Piraeus bank Group launched a voluntary redundancy plan for 1,800 to 2,000 employees in Greece. The plan refers to employees of the Piraeus bank and all its subsidiaries: Agricultural Bank (ATEbank), Geniki Bank, Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank and Millennium Bank Greece (MBG).
The programme envisages compensations depending on the tenure, age, monthly wages and other criteria. The call will be open till 2 September 2013 and entails a bipartite agreement between the employer and each employee for the termination of the employment contract.
As announced, the restructuring is due to the continuing bad economic conditions and the recent take overs of the smaller banks. Pireaus bank is the second largest one in Greece and completed a recapitalisation the previous month in order to restore its solvency.
The redundancies will start taking place after September 2013.
Updated 10-09-2013
As announced, the final voluntary redundancy plan refers to 2,182 people, almost 12% of the total group's workforce in Greece.
Sources
10 September 2013: Skai
19 July 2013: Reuters
19 July 2013: Kathimerini
19 July 2013: Kerdos
Citation
Eurofound (2013), Piraeus Bank Group, Internal restructuring in Greece, factsheet number 75693, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75693.
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.
