Restructuring events
European Restructuring Monitor (ERM)
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.
About 600 local employees of Bank Austria stand to lose their jobs in the medium term, according to an article published by the Austrian newspaper Der Standard on 26 June 2008. The newspaper reported that the Italian UniCredit bank group – after its acquisition of Capitalia – plans to intensify the corporation’s cost saving programme. The group’s CEO, Alessandro Profumo, announced redundancy plans involving around 9,000 employees in the medium term, mainly in Italy, but also to some extent at the group’s subsidiaries HypoVereinsbank in Germany and Bank Austria in Austria. Moreover, deliberations of the parent company have been revealed to release Bank Austria from its current headquarter function for the group’s operations in the whole central and eastern European (CEE) region. Bank Austria is one of the largest bank operators in Austria, with almost 400 branches and almost 10,000 employees in the country.
Eurofound (2008), Bank Austria, Internal restructuring in Austria, factsheet number 66785, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66785.