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.
Nuova Cassa di Risparmio di Ferrara (Carife) disclosed its intention to lay-off 400 employees out of 847.
The bank was founded as a ‘bridge bank’ in November 2015 in order to rescue the bankrupt Cassa di Risparmio di Ferrara after troubles due to mismanagement. In line with the rescue plan, the new management is seeking for new investors, and is intended to implement a severe restructuring process in order to ease the sale by cutting the bank’s operating costs.
According to the sources, the cuts are expected to address mainly the headquarters but will involve also branches.
Unions are taking part in meetings with the management and aim at reducing the number of dismissals and at safeguarding redundant workers.
Update, 31 December 2016: The management and unions agreed exits to be implemented only on a voluntary basis. Over the next weeks the employees will be asked to apply for incentivised early retirements or voluntary dismissals. The target is to reach between 300 and 350 applications.
Eurofound (2016), Nuova Cassa di Risparmio di Ferrara, Internal restructuring in Italy, factsheet number 89756, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/89756.
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