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 bank institute Österreichische Volksbank AG (ÖVAG) will cut 900 jobs throughout Europe in the medium term. This was announced on 27 August 2009 and justified by a loss before tax of € 139 million in the first half of 2009. The main cause for the loss was identified in problematic risk management with regard to shady credits. Risk management with regard to credits had to be re-endowed with € 294 million.
As a consequence of this and in view of the current economic downturn, which renders likely an increasing total volume of loan losses, the bank plans to reduce its workforce by 900 staff in total in the medium term. 200 of the 900 employees affected will be workers employed in Austria. The ÖVAG group currently employs about 8,600 staff in Europe and about 2,035 in Austria.
Eurofound (2009), ÖVAG, Internal restructuring in Austria, factsheet number 69616, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69616.
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