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 - Financial service activities, except insurance and pension funding
400 jobs Number of planned job losses
Announcement Date
16 December 2008
Employment effect (start)
1 January 2009
Foreseen end date
1 January 2011
Description
Banca Popolare di Milano (Bpm), one of the main Italian banks, is to cut 400 jobs in the period 2009-2011. The bank has announced a reorganisation plan in order to tackle the recent economic crisis that is mainly affecting the banking sector.
The bank and the trade unions have planned some meetings in order to define the recourse to the 'solidarity fund'. This fund was created in 1998 by the social partners of the banking sector and has introduced a sort of special Wages Guarantee Fund in the sector. The redundant workers could access the 'solidarity fund' on voluntary basis. At the end of 2007, the Bpm had 8,590 employees.
Sources
17 December 2009: Il Sole 24 Ore
Citation
Eurofound (2008), Banca Popolare di Milano, Internal restructuring in Italy, factsheet number 67718, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67718.
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