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
500 - 2,100 jobs Number of planned job losses
Announcement Date
27 October 2003
Employment effect (start)
1 October 2003
Foreseen end date
1 January 2006
Description
July 2002. The Group Bank Austria Creditanstalt (subsidiary of German bank HypoVereinsbank) employs about 35,000 persons worldwide, more than 22,500 in central and eastern Europe. In Austria, the number of employees - 12,000 - should be reduced to 11,500 by 2004 (mainly through retirements). October 2003. Bank Austria Creditanstalt aims to cut 1,600 jobs by 2006, including 800 next year, chairman Karl Samstag said in an interview. BA-CA currently employs 11,600 people, the staff reductions would be made 'without layoffs'. BA-CA will increasingly use outsourcing.
Sources
25 July 2002: Der Standard
27 October 2003: Kurier
Citation
Eurofound (2003), Bank Austria, Internal restructuring in Austria, factsheet number 59699, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59699.
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