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.
Italy will be hardest-hit (with around 5,000 job losses) and other Western European countries are also affected. The bank may create jobs in Central and Eastern Europe.
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
7,290 jobs Number of planned job losses
1,135 jobs Number of planned job creations
Announcement Date
14 November 2011
Employment effect (start)
15 November 2011
Foreseen end date
31 December 2015
Description
The Italian-based bank Unicredit is planning to cut up to 7290 jobs in Western Europe before the end of 2015. There is contradictory information on whether they will at the same time expand their business in Eastern Europe by 1135 jobs.
Slightly varying numbers have been reported by different sources of the extent of the cuts, but according to a company presentation (14.11.2011) approximately 5200 jobs will be cut in Italy itself, the remaining job losses will occur in other countries within Europe. It is not yet clear in which countries the job creation in Eastern Europe will occur.
The bank is mainly slimming down its investment banking operations: around 8 per cent of staff in its investment banking division will be cut. One source (BBC News) estimates that 150 jobs will be lost in London, where many of Unicredit's investment banking staff are based.
The cuts follow write-downs in the value of several past acquisitions, linked to the sovereign debt crisis in Europe.
Sources
14 November 2011: BBC News Website
14 November 2011: Unicredit
15 November 2011: Wall Street Journal
14 November 2011: Reuters
Citation
Eurofound (2011), Unicredit, Internal restructuring in European Union, factsheet number 72716, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72716.
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