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.
UBI Banca, one of the main Italian banking groups, is to cut 895 jobs by the end of 2010. The group has announced a broad reorganisation process, which includes the closure of 99 branches. The trade unions reacted harshly to the UBI decision, announcing several protest actions.
On 20 May 2010, the bank and the trade unions have reached an agreement that provides economic incentives for the redundant workers with a view to retirement (around 500 redundant workers will reach all the requisites needed for retirement by the end of 2010). Moreover the agreement envisages the "stabilization" of around 500 young workers with the conversion of flexible work contracts into standard employment contracts.
The UBI Banca has around 20,000 employees.
Eurofound (2010), UBI Banca, Internal restructuring in Italy, factsheet number 70388, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70388.