ÖVAG

Type
Internal restructuring
Country
Austria
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
250 jobs
Number of planned job losses
Job loss
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://apps.eurofound.europa.eu/restructuring-events/detail/72715.