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.
On 21 September 2012, the Austrian bank ÖVAG announced its intention to cut around 1,100 jobs by 2017, out of a total of 2,000 employees. The company's management is launching a wide-ranging re-organisation after receiving state aid to save the company.
The jobs cuts are the result of a sell-off of subsidiaries, mainly by Volksbank Leasing international, that will result in 700 job cuts, and internal restructuring, in the form of the merger of regional agencies.
Eurofound (2012), ÖVAG, Internal restructuring in European Union, factsheet number 74258, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74258.