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
400 jobs Number of planned job losses
Announcement Date
22 July 2008
Employment effect (start)
1 January 2008
Foreseen end date
31 December 2008
Description
The Austrian BAWAG retail bank, owned by a consortium led by the US-based Cerberus Capital Management investment firm, plans – in the course of an ongoing job reduction programme – to reduce its workforce thoughout the country by 400 employees by the end of 2008. This was announced on 22 July 2008 by the Austrian Press Agency (APA). According to an APA report, the bank’s CEO, David Roberts, and the works council agreed upon a ‘socially acceptable’ workforce reduction programme, in the form of a social plan providing for incentives for older employees to leave the company rather than direct dismissals. These incentives comprise early retirement schemes on the basis of ‘golden handshakes’ (double severance payments) and attractive part-time schemes for older employees. Moreover, staff in administration and in backoffice business areas shall be placed on retraining schemes for other service-related activities. Currently the BAWAG bank employs around 4,500 workers.
Sources
22 July 2008: Die Presse
Citation
Eurofound (2008), BAWAG, Internal restructuring in Austria, factsheet number 66933, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66933.
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