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.
The bank Monte dei Paschi di Siena (MPS) has announced a new industrial plan (2013-2014) that envisages the closure of 150 branches and the loss of 3,300 jobs (which will add to the 4,600 job cuts provided by the previous plan, see Monte dei Paschi 2012). Moreover the plan envisages an increase of capital of 2.5 billion by the end of 2014, as requested by the European Commission.
At the beginning of 2012 the Monte dei Paschi had around 30,000 employees. The last two reorganisation plans respectively provide for 4,600 and 3,300 job cuts.
Update, 09-06-2014: As reported, the bank plans to reduce its workforce by 1,334 people within the end of the year, via an early retirement scheme and the use of a redundancy fund for income support ('Fondo Esuberi'). Negotiations on redundancies will be concluded by 18 August.
Update, 01-10-2014: MPS informed trade unions that the access requests to the voluntary dismissal procedure received by the company cover the foreseen redundancies. As a result, the company will not proceed with further layoffs.
Eurofound (2013), Monte dei Paschi di Siena, Internal restructuring in Italy, factsheet number 75951, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75951.