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.
Banking group Intesa SanPaolo S.p.A. is to cut 1,300 jobs between 2007 and 2009. The announcement follows an agreement between managers and trade unions at the firm over a re-organisation plan for the 2007-9 period. The agreement also specifies that redundant workers will benefit from a special ‘solidarity fund’ to aid them, and that the group will recruit one apprentice worker for every two workers that are dismissed. The latest round of job losses at Intesa SanPaolo S.p.A. follow the many redundancies that occurred after Banca Intesa and San Paolo-Imi merged in November 2006 to create Intesa Sanpaolo S.p.A.. In this instance, 5,200 job losses were announced after an agreement was reached between managers at the new group and trade unions.
Eurofound (2007), Intesa SanPaolo, Internal restructuring in Italy, factsheet number 65674, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65674.