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.
Unicredit, a leading European bank based in Italy, is to cut 5,200 jobs in Italy between 2011 and 2015. The job cuts are believed to be achieved mainly through incentives for taking-up early retirement and a turnover freeze. The previous reorganisation plan (business plan 2011-13) envisaged job-cuts in Italy (for more details please see ERM factsheet). In the next days, Unicredit should start negotiations with the trade unions in order to find adequate measures to reduce the negative social effects caused by the plan.
The cuts are part of the announcement of the new 2011-15 strategic plan. The plan is based on four pillars: (1) Balance sheet structure; (2) Simplification and cost management; (3) Business refocusing; and (4) Italy turnaround. According to the company, this plan is needed in order to cope with the effects of the overall slowdown of the global economic environment and with the European sovereign debt crisis.
Unicredit has around 55,800 employees in Italy.
Eurofound (2011), Unicredit, Internal restructuring in Italy, factsheet number 72717, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72717.