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.
The Austrian BAWAG retail bank, owned by a consortium led by the US-based Cerberus Capital Management investment firm, plans – in the course of an ongoing job reduction programme – to reduce its workforce thoughout the country by 400 employees by the end of 2008. This was announced on 22 July 2008 by the Austrian Press Agency (APA). According to an APA report, the bank’s CEO, David Roberts, and the works council agreed upon a ‘socially acceptable’ workforce reduction programme, in the form of a social plan providing for incentives for older employees to leave the company rather than direct dismissals. These incentives comprise early retirement schemes on the basis of ‘golden handshakes’ (double severance payments) and attractive part-time schemes for older employees. Moreover, staff in administration and in backoffice business areas shall be placed on retraining schemes for other service-related activities. Currently the BAWAG bank employs around 4,500 workers.
Eurofound (2008), BAWAG, Internal restructuring in Austria, factsheet number 66933, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66933.