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 Volksbank AG (ÖVAG) is to make 250 employees redundant within the next two years. This was announced after a meeting of the bank's board members on the 15th of December 2011.
The step is part of a reorganisation programme and due to long term losses of the bank which does not have sufficient capital resources. Social plans are being negotiated between the works council and management.
Eurofound (2011), ÖVAG, Internal restructuring in Austria, factsheet number 72715, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72715.
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