Unicredit Luxembourg SA

Type
Closure
Country
Luxembourg
Region
Luxembourg; Luxembourg; Luxembourg
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
130 jobs
Number of planned job losses
Job loss
Announcement Date
5 April 2017
Employment effect (start)
1 May 2017
Foreseen end date
31 December 2018

Description

The bank Unicredit has announced the closure of its subsidiary in Luxembourg on 31 December 2018. As part of a social plan announced on 5 April 2017, 130 employees will be affected from a total workforce of 162 employees. The remaining employees will be transferred to the private bank of Unicredit in Milan (Italy) while 13 will leave the company in the framework of an early retirement scheme.  This reorganisation is part of the worldwide restructuring announced by.Unicredit to cut in total 14,000 jobs worldwide.

Sources

  • 5 April 2017: Paperjam

Citation

Eurofound (2017), Unicredit Luxembourg SA, Closure in Luxembourg, factsheet number 90676, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90676.