Restructuring events
European Restructuring Monitor (ERM)
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.
Italian banking group Ubi Banca announced about 1,000 job cuts to be implemented by 2020.
The group has just acquired three bridge banks at a symbolic price (€1). These were established in 2015 following the bankruptcy of Banca Popolare dell’Etruria e del Lazio (see BPELIT-2015), Cassa di Risparmio di Chieti and Banca Marche.
These banks are now to undergo a restructuring process, entailing the closure of 140 branches, mostly located in central Italy, the reduction of administrative costs and significant headcount reductions affecting 1,569 of the 4,900 employed. Yet, the management announced that more than 500 workers employed at the bridge banks in 2016 are quitting their job as per recent agreements, leading to net 1,000 exits yet to be implemented (out of a total workforce of about 4,300).
Negotiations with unions will start soon. Unions hope exits will be made by means of early retirements or incentivised voluntary dismissals. Also the management declared the intention to avoid direct dismissals.
The forthcoming exits add up to those planned by Ubi Banca as of June 2016 (see Ubi BancaIT-2016).
Update, 26/07/2017: Ubi Banca and the unions agreed 700 incentivised voluntary dismissals to be implemented by March 2018. The bank will also hire 250 new young workers by 2018.
Eurofound (2017), Ubi Banca, Merger/Acquisition in Italy, factsheet number 91507, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91507.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
