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.
On 24 January 2015, Austrian bank institute Österreichische Volksbank AG (ÖVAG) has confirmed plans to cut halve of its 600 jobs at its head office as it is undergoing liquidation.
As Eurofound has reported the measures forms part of a larger internal restructuring. In 2012 the ÖVAG, the central institute of Austrias Volksbanken, was partly nationalised after high losses due to depreciations in Eastern Europe. Now parts of the ÖVAG will be transformed into a 'winding-down bank' (Abbaubank) by mid-2015 and will be liquidated by 2017. Some employees may be transferred to other companies if parts of the business are sold as a whole.
As a consequence, the company has announced to cut half of its 600 remaining jobs at the head office and registered 250 employees with the early warning system of the Public Employment Services (AMS). The company has been downsizing during the last couple of years, reducing its staff from 2,100 to 1,400 since 2012. According to the ÖVAG chairperson, further job losses wil be inevitable during the following months and years.
Eurofound (2015), ÖVAG, Bankruptcy in Austria, factsheet number 78215, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/78215.
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