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
370 jobs Number of planned job losses
Announcement Date
25 November 2019
Employment effect (start)
1 February 2020
Foreseen end date
30 November 2020
Description
TSB, a UK-based Spanish-owned retail and commercial bank, has announced that it will close 82 of its branches across Scotland and England, affecting 370 employees. The restructuring will start in February 2020 and continue throughout the year. The management explained that the current business structure requires urgent optimisation and assured that the bank will try to offer alternative employment opportunities to many of the affected employees.
Unions representing TSB workers said they were negotiating with the management to limit the number of compulsory redundancies.
TSB was established in 2013 when the Lloyds Banking Group was divided, and it is currently part of the Spanish Sabadell Group.
Eurofound (2019), TSB Bank, Internal restructuring in United Kingdom, factsheet number 99241, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99241.
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.
