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 64.11 - Central banking
710 jobs Number of planned job losses
Announcement Date
12 September 2007
Employment effect (start)
1 October 2007
Foreseen end date
1 October 2010
Description
The Bank of Italy, the central bank of Italy, is to close 33 of its branches across Italy with the loss of 710 jobs. The series of closures is part of a re-organization plan on the part of the bank that was announced on 12th September 2007. The plan is intended to streamline the bank’s operational structures and to increase its efficiency. The plan also sets out a new regional model for the operation of the bank that will lead to both the closure of the 33 branches and the differentiation of the functions of those branches that remain open. The re-organization plan is scheduled to be completed by the end of 2010. Management at the bank and Italian trade unions are due to meet before the end of 2007 in order to discuss the social implications of the bank’s restructuring plan.
The Bank of Italy is a public-law institution that pursues a set of policy goals in monetary and financial policy. It operates 97 branches in 95 provincial capitals, and employs 8,000.
Sources
13 September 2007: Il Diario del lavoro
Citation
Eurofound (2007), Bank of Italy, Closure in Italy, factsheet number 65819, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65819.
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