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 64.19 - Other monetary intermediation
800 jobs Number of planned job losses
Announcement Date
7 October 2010
Employment effect (start)
8 October 2010
Foreseen end date
31 December 2011
Description
Banco Popolare, one of the most important Italian credit institutes, is to cut 800 jobs by the end of 2011. The group has announced the 2010-2011 reorganisation plan which envisages 800 job-cuts (300 in 2010 and 500 in 2011). According to the Banco Popolare, the economic crisis has forced the group to reduce its costs. In order to reduce the negative effects of the redundancies, the institute has announced the recourse to a lower job turnover and to the 'solidarity fund' for the Italian banking sector.
Banco Popolare has 20,329 employees and 2,271 branches.
Sources
12 October 2010: Il Sole 24 Ore
Citation
Eurofound (2010), Banco Popolare, Internal restructuring in Italy, factsheet number 71087, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71087.
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