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.
The Austrian Erste Bank plans to cut its workforce by up to 300 employees by the end of 2010 within the framework of a comprehensive cost reduction programme. According to the bank institute's CEO, Elisabeth Bleyleben-Koren, both personnel and material costs should be reduced by 7-10% within one year. This is expected to save about €20 million. According to the CEO, these measures are necessary due to dramatic loan defaults expected for the next year. However, Ms Bleyleben-Koren has ruled out the possibility of direct dismissals. Staff will be reduced only by means of natural attrition. Currently, the bank employs about 3,000 staff in Austria.
Eurofound (2009), Erste Bank, Internal restructuring in Austria, factsheet number 69793, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69793.