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.
Unicredit, one of the main banks in Europe, is to cut 4,100 jobs in Italy in the period 2011-2013. The banking group has announced the 2011-2013 business plan, which envisages relevant reductions in business costs, including labour costs. The trade unions opposed the company's decision and called for a meeting with the management to find alternative measures to the job cuts.
On 18 October 2010, Unicredit and the trade unions reached an agreement on the collective dismissals. The agreement envisages 3,000 job-cuts (and not 4,100 as previously announced) by the end of 2013. The job-cuts will mainly affect workers who will reach the requirements for the retirement in the next three years. For these workers, the agreement provides for economic incentives for voluntary resignations. Moreover, the agreement envisages that, in the next year, Unicredit will "stabilise" all the workers with apprenticeship contracts (1,077), transforming the apprenticeship contracts in open-ended contracts. In addition, the group will create 1,000 new jobs by the end of 2013.
Unicredit has around 165,000 worldwide and around 56,100 in Italy.
Eurofound (2010), Unicredit, Internal restructuring in Italy, factsheet number 70786, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70786.