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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
800 jobs Number of planned job losses
60 jobs Number of planned job creations
Announcement Date
29 November 2003
Employment effect (start)
1 November 2003
Foreseen end date
Description
The alliance between the Banca Popolare di Cremona and the Banca Popolare di Lodi, which has been approved by the assembly of the Banca Popolare di Cremona at the end of November 2003, has led to the creation of a new and important banking group in Lombardy, one of the most economically advanced areas in Italy. The reorganisation which will support the establishment of an integrated group will involve 800 redundancies, but no dismissals, according to the company management. In fact, such reductions will be achieved through retirements (favoured by the income support measures granted by so-called ‘mobility' to workers who are close to retirement age) and redeployments to sales activities; all measures will be implemented on a voluntary basis. Moreover, 20 new offices of the Popolare di Cremona will be opened, thereby absorbing some 60 workers made redundant by the restructuring plan. As the central administrative offices of the group will be located in Lodi, it seems very likely that a number of employees of the Banca Popolare di Cremona will be transferred there.
Eurofound (2003), Banca Popolare di Cremona, Internal restructuring in Italy, factsheet number 59306, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59306.
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