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 64.19 - Other monetary intermediation
600 jobs Number of planned job losses
Announcement Date
3 April 2019
Employment effect (start)
Foreseen end date
Description
The bank Banca Nazionale del Lavoro (BNL) announced a restructuring plan which will entail 600 redundancies taking place nationwide.
The bank's CEO explained the decision by citing the dire conjunctural economic conditions which continue to have a negative impact on the profitability of Italian banks. In order to reduce labour costs, the bank announced the introduction of machine learning and artificial intelligence solutions, which allow to automate non-repetitive processes.
According to the trade unions, redundancies will be achieved through the use of opportunities offered by recent pension reforms and, in particular, through the voluntary early retirement schemes Quota 100 and Woman Option.
Eurofound (2019), Banca Nazionale del Lavoro, Internal restructuring in Italy, factsheet number 97531, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/97531.
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.
