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 64.19 - Other monetary intermediation
450 jobs Number of planned job losses
Announcement Date
1 April 2015
Employment effect (start)
1 September 2015
Foreseen end date
31 December 2017
Description
Italian bank Veneto Banca has announced its intention to reduce its headcount by about 450 employees by the end of 2017. The decision was disclosed during the presentation of the 2015-2017 business plan. The plan entails the closure of 70 branches and the reduction of administrative, management and labour costs. It also envisages new investments aimed at orienting the group toward multichannel banking and improving risk and credit management.
The unions have critised the plan for being short-sighted, as it aims at counterbalancing budget losses curtailing employment. Negotiations about dismissals are expected to take place in the next months.
The ERM has reported previous restructurings announced by the bank in 2011 and 2012.
Sources
1 April 2015: VicenzaPiù
1 April 2015: Trade unions - Press release
1 April 2015: Veneto Banca - press release
Citation
Eurofound (2015), Veneto Banca, Internal restructuring in Italy, factsheet number 79432, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/79432.
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