Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

250 - 300 jobs
Number of planned job losses
Job loss
Announcement Date
24 January 2015
Employment effect (start)
24 January 2015
Foreseen end date


On 24 January 2015, Austrian bank institute Österreichische Volksbank AG (ÖVAG) has confirmed plans to cut halve of its 600 jobs at its head office.

As Eurofound has reported the measures forms part of a larger internal restructuring. In 2012 the ÖVAG, the central institute of Austrias Volksbanken, was partly nationalised after high losses due to depreciations in Eastern Europe. Now parts of the ÖVAG will be transformed into a 'winding-down bank' (Abbaubank) by mid-2015 and will be liquidated by 2017.

As a consequence, the company has announced to cut half of its 600 remaining jobs at the head office and registered 250 employees with the early warning system of the Public Employment Services (AMS). The company has been downsizing during the last couple of years, reducing its staff from 2,100 to 1,400 since 2012. According to the ÖVAG chairperson, further job losses wil be inevitable during the following months and years.


  • 24 January 2015: Profil
  • 24 January 2015: Die Presse


Eurofound (2015), ÖVAG, Internal restructuring in Austria, factsheet number 78215, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78215.