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 64.9 - Other financial service activities, except insurance and pension funding
300 jobs Number of planned job losses
Announcement Date
5 March 2009
Employment effect (start)
Foreseen end date
Description
CIB bank announced 5 March 2009 that it has given notice to 300 employees in Budapest. The announcement quoted smaller number than was estimated by a news report, which reported a headcount reduction of 560. In the announcement the company indicated that the mass redundancy measure was undertaken with assistance given to the employees although no further information was disclosed about what it would actually mean. The downsizing was triggered by the global economic crisis' impact on the bank sector. The company belongs to Intesa Sanpaolo with headquarters in Turin (Italy)
Sources
3 March 2009: Portfolio
5 March 2009: Index
Citation
Eurofound (2009), CIB Bank, Internal restructuring in Hungary, factsheet number 69652, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69652.
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