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
310 - 500 jobs Number of planned job losses
Announcement Date
23 July 2010
Employment effect (start)
23 July 2010
Foreseen end date
31 December 2013
Description
The Austrian BAWAG PSK retail bank plans to cut its workforce by 500 employees by 2012. In order to secure sustained profitability, the financial institution, which is owned by a consortium led by the US based Cerberus Capital Management investment firm, needs to reduce its personnel costs by EUR 60 million, equivalent to 500 fulltime positions. Most of the redundancies will take the form of natural attrition which equates to about 150 to 200 employees a year. The bank will offer all concerned employees socially acceptable solutions with social plans and generous golden handshakes.
Update 17 September 2013:
The shed of an additional 700 job losses is reported in the media, based on 'insider sources'.
Update 6 November 2013:
Media report that the additional 700 job losses are to take place in the first quarter of 2014. This has been denied by the bank, insisting that the restructuring programme will finished by the end of 2013.
The bank further stated that within the "Bolero" restructuring, between the end of 2010 and mid-2013, some 310 jobs have been cut (of 500 announced). The bank does not state, however, how many jobs were lost in the second half of 2013.
Sources
6 November 2013: Wiener Zeitung
3 December 2010: Die Presse
11 May 2010: orf.at
11 May 2010: Der Standard
Citation
Eurofound (2010), Bawag PSK, Internal restructuring in Austria, factsheet number 70529, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70529.
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