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
100 jobs Number of planned job losses
Announcement Date
23 April 2009
Employment effect (start)
23 April 2009
Foreseen end date
Description
Due to dramatic losses over the recent years, the Hypo Alpe Adria Bank, which forms part of the Hypo Alpe Adria Bank International, plans to cut around 100 of more than 600 jobs in Austria. The management announced that most of the redundancies will be implemented in the province of Carinthia and will take the form of natural attrition. These redundancy plans are part of an encompassing restructuring programme affecting the whole Hypo Alpe Adria Bank International group. According to this programme, 2,100 of the currently 8,000 jobs in 13 central and south-eastern European countries stand to lose their jobs by 2013. According to the Austrian newspaper Der Standard, these redundancies have been ordered by the German Bayern Landesbank, which holds the majority in the shares of the Hypo group.
Sources
23 April 2009: Der Standard
Citation
Eurofound (2009), Hypo Alpe Adria Bank, Internal restructuring in Austria, factsheet number 68988, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68988.
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