Bank Austria

Type
Internal restructuring
Country
Austria
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
500 - 2,100 jobs
Number of planned job losses
Job loss
Announcement Date
27 October 2003
Employment effect (start)
1 October 2003
Foreseen end date
1 January 2006

Description

July 2002. The Group Bank Austria Creditanstalt (subsidiary of German bank HypoVereinsbank) employs about 35,000 persons worldwide, more than 22,500 in central and eastern Europe. In Austria, the number of employees - 12,000 - should be reduced to 11,500 by 2004 (mainly through retirements). October 2003. Bank Austria Creditanstalt aims to cut 1,600 jobs by 2006, including 800 next year, chairman Karl Samstag said in an interview. BA-CA currently employs 11,600 people, the staff reductions would be made 'without layoffs'. BA-CA will increasingly use outsourcing.

Sources

  • 25 July 2002: Der Standard
  • 27 October 2003: Kurier

Citation

Eurofound (2003), Bank Austria, Internal restructuring in Austria, factsheet number 59699, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/59699.