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
100 jobs Number of planned job losses
Announcement Date
28 March 2017
Employment effect (start)
28 March 2017
Foreseen end date
31 December 2021
Description
On 28 March 2017, financial services provider Evangelische Bank, which specialises on churches, deaconries, health and social businesses, announced to cut about 100 jobs in Germany by 2021. The bank explained that the job cuts were necessary in order for it to stay sustainable. The restructuring will affect the entire internal structure which will be optimised in light of digitalisation.
A social plan has already been adopted and includes several measures to support the affected employees. These include individual application training, further qualifications as well as arranging jobs within client companies.
At the moment Evangelische Bank employs 480 employees at 14 sites across Germany.
Sources
28 March 2017: Evangelische Bank press release
28 March 2017: Handelsblatt
Citation
Eurofound (2017), Evangelische Bank, Internal restructuring in Germany, factsheet number 90698, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90698.
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.
