Internal restructuring
European Union
Location of affected unit(s)
Austria, Romania, Malta
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

1,100 jobs
Number of planned job losses
Job loss
Announcement Date
21 September 2012
Employment effect (start)
1 January 2013
Foreseen end date
1 December 2017


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.


  • 21 September 2012: Der Standard
  • 21 September 2012: Die Presse


Eurofound (2012), ÖVAG, Internal restructuring in European Union, factsheet number 74258, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74258.