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 64.1 - Monetary intermediation
1,300 jobs Number of planned job losses
Announcement Date
6 December 2019
Employment effect (start)
1 January 2020
Foreseen end date
21 December 2030
Description
The management and the works council of Hypo-Vereinsbank, the German branch of the financial institution Unicredit, announced a long-term restructuring plan, which will cut 1,300 positions by 2030. The agreement states that the positions will be cut by natural fluctuation, early retirement or voluntary termination of contracts in the period time from 2020 to 2030. The agreement also sets the protection of 10,918 full-time positions. The decision is motivated by global trends of decreasing profits in the banking sector. In early December 2019, the Italian Unicredit announced the cutting of 8,000 positions in Italy, Austria and Germany by 2030.
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.
