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
7,300 jobs Number of planned job losses
Announcement Date
30 September 2016
Employment effect (start)
30 September 2016
Foreseen end date
31 December 2020
Description
On 30 September 2016, German Commerzbank announced to cut up to 9,600 jobs worldwide within the next four years. German newspapers released information that 7,700 out of these 9,600 job cuts will be affected in Germany. The bank has been struggling due to low interest rates over the last years.
According to newspaper reports, 2,900 jobs will be affected at the headquarters in Frankfurt am Main, where 10,200 employees are working at the moment. Furthermore, 4,800 jobs will be cut at Commerzbank branches all over Germany, where about 11,000 employees work at the moment. The bank does not intend to close down any branch and is planning to hire 2,300 employees in growth areas.
The United Services Union (ver.di) and the chairman of the general works council already announced protests and requested the company to avoid direct dismissals. Furthermore, they criticised the management for unclear information about which positions are exactly affected and that the negotiations about the social plan will not start until next year.
For more information about other affected countries on this case see (Commerzbank, 2016).
Sources
30 October 2016: Commerzbank Press Release
17 October 2016: Frankfurter Allgemeine Zeitung
11 October 2016: WirtschaftsWoche
13 October 2016: finanztreff.de
Citation
Eurofound (2016), Commerzbank, Internal restructuring in Germany, factsheet number 88880, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88880.
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.
