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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
500 jobs Number of planned job losses
150 jobs Number of planned job creations
Announcement Date
14 October 2014
Employment effect (start)
31 January 2015
Foreseen end date
1 February 2015
Description
Italian commercial banking group Ubi Banca agreed 500 job cuts with trade unions.
In fact, due to the persistent negative economic scenario, the group set out a plan involving the reduction of local branches and the development of digital banking services.
Internal funds and paritarian institution resources will be used to incentivise 500 early retirements within the group by the end of January 2015.
A reduction in costs will be supported also with part-time contracts, compulsory deadlines for the usage of accrued time-off and training courses aimed at easing intra-group mobility.
The group agreed also to convert 130 fixed-term contracts into open-ended contracts and to hire 150 new workers in 2015 and 2016, should the voluntary dismissals reach the foreseen target.
These provisions add to the 650 job cuts and 240 new hirings agreed in 2012 and currently being implemented (see Ubi BancaIT-2012).
For previous factsheets regarding the group, see also Ubi BancaIT-2011, Ubi BancaIT-2010.
Sources
26 November 2014: AGI
14 October 2014: Ubi Banca (Press release)
Citation
Eurofound (2014), Ubi Banca, Internal restructuring in Italy, factsheet number 77978, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77978.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
