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
1,300 jobs Number of planned job losses
Announcement Date
15 June 2007
Employment effect (start)
31 December 2008
Foreseen end date
31 December 2007
Description
At the end of May 2007 the board of directors of UniCredit and Capitalia, two of the main Italian credits institutions, approved their merger project. The new bank will have more than 5,000 branches in Italy, enhancing its competitive position in several segments (e.g. consumer credit, leasing, factoring and personal financial advisory) and increasing its scale in global businesses. On 15 June 2007 the managers of Unicredit and Capitalia, during their first meeting, unveiled the guidelines of the reorganisation plan and the corporate governance scheme of the new group. The reorganisation plan provides for the loss of around 8,000 jobs. The final version of the reorganisation plan, which should also include measures to foster voluntary resignations and to reduce the negative social effects of the lay-offs, is expected to be officially presented to the trade unions after the extraordinary shareholders’ meetings of UniCredit and Capitalia that will take place between the end of July and the beginning of August 2007.
Update, July 2008: By the end of 2007, around 1,300 employees had left the Unicredit group. The further job-cuts due to the Capitalia merger with Unicredit will be included in the 2008-2010 business plan regarding the Unicredit group at global level.
See more recent factsheet in link below.
Sources
16 June 2007: Il corriere della sera
16 June 2007: La Stampa
Citation
Eurofound (2007), Unicredit-Capitalia, Merger/Acquisition in Italy, factsheet number 65527, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65527.
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