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.
Italian bank Veneto Banca started a mobility procedure that will affect up to 730 employees. According to the industrial plan, the group is to cut operational costs by centralising functions and services and reducing the number of managers. This will also involve the closure of 70 branches.
The management is open to consider various solutions, including internal relocation for about 300 employees and other 'soft' measures (for example early retirements and incentives for part-time work) for the remaining 430 staff.
Trade unions warned that the number of workers close to retirement age may not be sufficient to cover the planned exits and calls for the adoption of the so called 'solidarity contracts' (these are agreed by companies through firm-level collective bargaining agreements that envisage a reduction in working time to avoid dismissals). Unions have urged the company to adopt a more ‘responsible’ approach, also considering that further 70 branches are already in the process of being closed (Veneto BancaIT-2015).
For information about previous restructurings announced by the group, see also Veneto BancaIT-2012, Veneto BancaIT-2011.
Update, 23/04/2016: The parties agreed 300 internal relocations and approximately 100 incentivised early retirements. Other redundancies will be avoided thanks to the use of part-time contracts, the activation of solidarity contracts and a reduction in the number of branches to be closed (60 instead of the 70 initially announced). In addition, the group will hire on a permanent basis about 100 employees currently enrolled as apprentices or employed on fixed-term contracts.
Eurofound (2016), Veneto Banca, Internal restructuring in Italy, factsheet number 86936, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/86936.
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...
