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 64.1 - Monetary intermediation
700 jobs Number of planned job losses
Announcement Date
26 July 2012
Employment effect (start)
31 October 2012
Foreseen end date
31 December 2015
Description
Banca popolare di Milano (Bpm), an Italian cooperative bank, is to cut 700 jobs in the next three years. The bank has announced its 2012-2015 reorganisation plan that envisages these redundancies. There will also be retraining courses for around 2,300 employees and an internal reorganization process. Bpm will provide economic compensation and the recourse to the sectoral "solidarity fund" for the redundant workers.
The bank and the trade unions have planned some meetings in order to discuss measures aimed at reducing the negative social and economic effects of the redundancies for the workers.
Bpm has around 8,000 employees.
Sources
24 July 2012: Reuters
27 July 2012: Affari e Finanza
24 July 2012: Bloomberg
Citation
Eurofound (2012), Banca popolare di Milano, Internal restructuring in Italy, factsheet number 73945, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73945.
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