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
1,500 jobs Number of planned job losses
Announcement Date
6 August 2014
Employment effect (start)
6 August 2014
Foreseen end date
31 December 2015
Description
German Hypovereinsbank (HVB) is to cut 1,500 jobs by the end of 2015. As announced on 6 August 2014, 240 of 580 subsidiaries shall be closed or merged. 1,300 jobs in retail banking will become redundant in the subsidiaries, 200 people will be dismissed in the bank’s administration department. The management intends to implement the job losses in a socially acceptable manner but does not exclude operational dismissals.
Hypovereinsbank is a Bavarian bank which belongs to the Italian Unicredit group. HVB employs around 19,000 people in total. In the first half of 2014, profits decreased by more than 50 p.c. The company suffers from the increasing use of online banking.
Sources
7 August 2014: FAZ
7 August 2014: Hamburger Abendblatt
6 August 2014: Frankfurter Rundschau Online
Citation
Eurofound (2014), Hypovereinsbank, Internal restructuring in Germany, factsheet number 77403, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77403.
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.
