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 - Financial service activities, except insurance and pension funding
800 jobs Number of planned job losses
Announcement Date
11 November 2015
Employment effect (start)
11 November 2015
Foreseen end date
1 January 2018
Description
Bank Austria, subsidiary of the Italian banking group UniCredit, announced 800 dismissals by the end of 2018 as part of an internal restructuring process.
The restructuring forms part of a general cost-cutting and restructuring plan in the UniCredit group affecting 18,200 jobs throughout all divisions of the group. UniCredit plans to transfer Bank Austria’s Eastern European business to Milan, Italy, resulting in 800 job losses, of which 130 have already been implemented.
Additionally, the future of the retail banking segment of Bank Austria is uncertain. UniCredit plans to thin out branch offices or sell most of them by the end of 2016. Further details on this step are expected in December. Trade unions and the works council called in an employees meeting for 24th of November and have announced to take necessary measures should the company not be willing to negotiate fair terms with unions. The works council holds company’s shares with special control rights.
As Eurofound has previously report , Bank Austria been subject to several job reduction measures over the last couple of years including in 2013, 2009 and 2008.
Sources
11 November 2015: Der Standard
11 November 2015: Die Presse
12 November 2015: Salzburger Nachrichten
12 November 2015: Die Presse
Citation
Eurofound (2015), Bank Austria, Internal restructuring in Austria, factsheet number 85421, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85421.
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