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 Carinthia-based bank Hypo Alpe Adria announced to cut 10% of its workforce, thus making 50 of its 500 jobs in Austria redundant.
The redundancy plans are part of a larger restructuring plan affecting the whole Hypo Alpe Adria International group announced in 2009 (see fact sheets 13742 and 13738). While the loss of 100 jobs in Austria announced in 2009 has already materialised, additional 50 staff members now stand to lose their jobs.
The bank, which was nationalised by the Austrian government in 2009 in an attempt to be rescued, implements a restructuring programme in order to prepare the bank for its envisaged sale. After making losses of € 1.58 billion in 2009 and € 1.06 billion in 2010, the bank managed an annual result in 2011 'around zero'. In 2012, the bank is supposed to be profitable again.
Eurofound (2012), Hypo Alpe Adria, Internal restructuring in Austria, factsheet number 73035, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73035.
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