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
250 jobs Number of planned job losses
Announcement Date
8 November 2011
Employment effect (start)
5 December 2011
Foreseen end date
31 December 2013
Description
The Austrian Volksbank AG (ÖVAG) is to make 250 employees redundant within the next two years.
This was announced after a meeting of the bank's board members on the 15th of December 2011.
The step is part of a reorganisation programme and due to long term losses of the bank which does not have sufficient capital resources. Social plans are being negotiated between the works council and management.
Sources
15 December 2011: Die Presse
9 November 2011: Die Presse
15 December 2011: Kurier
5 December 2011: Kurier
Citation
Eurofound (2011), ÖVAG, Internal restructuring in Austria, factsheet number 72715, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72715.
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