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.
Unicredit, an Italian leading company in the banking sector, is to cut 5,700 employees in Italy as part of 2015-2018 business plan. The plan involves the closure of 500 agencies and dismissal of 8,500 employees from the whole group. The job reductions will be achieved via mandatory retirements.
Job cuts should lead to 300 million euro savings in 2016 and 700 million euro from 2018 on a yearly basis. The firm intends also to freeze many benefits and to have a more flexible organization of work. On the positive side, the company announced investments of 4,5 billion euro including the development of a new digital platform and the supply of new services to firms.
UniCredit has posted losses in the region of €15 billion losses in the fourth quarter of 2013 after writing off bad loans and goodwill from acquisitions. In 2011, the 2010-2015 strategic Plan already announced 5,200 job losses in Italy (for more details, see previous ERM case).
Trade Unions expressed concerns accusing the company of not having a long-term business plan and to make workers suffer the consequences of bad management.
Update 28/06/2014: According to the source, an agreement was reached between the trade unions and the management of Unicredit concerning the redundancies planned for 2015-2018. Economic Incentives and part-time schemes will be introduced on a voluntary basis for workers close to the retirement age in order to reduce the staff by 2,400 full-time-equivalent (FTE) units. The source reports that 17 jobs will be reduced by 2015, 258 in 2016, 794 in 2017 and 1,331 in 2018. If these measures do not lead to the agreed level of redundancies, Unicredit will begin a collective dismissal procedure. The company has pledged to retain 670 apprentices and employ 800 young workers should it successfully implement its restructuring plans. The source also reports that in 2015, the company will negotiate a further 2,700 exits.
Eurofound (2014), Unicredit, Internal restructuring in Italy, factsheet number 76838, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76838.
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