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
300 - 350 jobs Number of planned job losses
Announcement Date
21 December 2016
Employment effect (start)
Foreseen end date
31 December 2017
Description
Nuova Cassa di Risparmio di Ferrara (Carife) disclosed its intention to lay-off 400 employees out of 847.
The bank was founded as a ‘bridge bank’ in November 2015 in order to rescue the bankrupt Cassa di Risparmio di Ferrara after troubles due to mismanagement. In line with the rescue plan, the new management is seeking for new investors, and is intended to implement a severe restructuring process in order to ease the sale by cutting the bank’s operating costs.
According to the sources, the cuts are expected to address mainly the headquarters but will involve also branches.
Unions are taking part in meetings with the management and aim at reducing the number of dismissals and at safeguarding redundant workers.
Update, 31 December 2016: The management and unions agreed exits to be implemented only on a voluntary basis. Over the next weeks the employees will be asked to apply for incentivised early retirements or voluntary dismissals. The target is to reach between 300 and 350 applications.
Sources
22 December 2016: La Nuova Ferrara
22 December 2016: Il Sole 24 Ore
23 December 2016: Il Resto del Carlino
31 December 2016: Ansa
Citation
Eurofound (2016), Nuova Cassa di Risparmio di Ferrara, Internal restructuring in Italy, factsheet number 89756, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89756.
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