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.
Bank Austria is to shed up to 850 jobs within the next two years, reducing its personnel to 9,000 staff members by the end of 2015.
This cost-cutting programme comes on top of the previous restructuring measure named “Thor”, announced in 2011, that aimed at 800 job cuts by the end of 2015. According to recent media reports, some 400 job cuts of that programme have thus far been implemented.
The bank has announced to implement the job cuts via natural attrition. It is likely however, that dismissals will have to be made too. The bank plans to save more jobs through part-time work of older employees.
Update, 21-12-2015: Bank Austria announced to retain its retail banking segment but will reduce its branches from currently 190 to 120. According to newspaper reports, an additional 700 employees will be affected by further job cuts. Apart from a reduction in staff, occupational pensions will be transferred to the states mandatory pension scheme for current employees. An agreement between management and trade unions has been negotiated and is expected to be signed in the upcoming days.
Eurofound (2013), Bank Austria, Internal restructuring in Austria, factsheet number 76310, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76310.
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...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
