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
12,200 - 18,200 jobs Number of planned job losses
Announcement Date
14 December 2015
Employment effect (start)
1 January 2016
Foreseen end date
1 January 2018
Description
The largest Italian bank UniCredit has announced it aims to cut 18,200 jobs by 2018 in the framework of a €1.6 billion cost saving programme. The bank declared losses of €10.64 billion in the third quarter of 2015. Its aim is to cut 12,200 positions (including 6,900 in Italy) and to sell activities that currently employ 6,000 employees. These 6,000 job cuts are related to the sale of the bank’s Ukraine business and a stake in its Pioneer asset management joint venture with Santander. The main targets of its new Strategic plan are "exit or restructuring of poorly performing businesses such as retail banking in Austria and leasing in Italy, on top of the ongoing rundown of the Non Core Division", a "strong focus on new digital agenda" to accelerate the "Group's retail and corporate multi-channel transformation" and to become "a simpler and more integrated Group ".
Sources
11 November 2015: Financial Times
14 December 2015: Company press release
Citation
Eurofound (2015), Unicredit, Internal restructuring in World, factsheet number 86022, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86022.
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