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.
The Raiffeisen Zentralbank RZB, the central bank of the Raiffeisen banking group Austria, is to centralise the activities of eight subsidiaries and therefore shedding at least 120 jobs. This corresponds to 10% of its current workforce. The aim of the restructuring programme is to reduce costs by about €25 million per year. Duplication of activities is to be prevented, e.g. marketing or public relations activities of the subsidiaries are to be transferred to the central RZB. Between 400 and 500 employees will be shifted within the group, starting in July 2014. The 120 jobs that will be lost during this rationalisation programme (which will run until 2017) will take the form of natural attrition.
Eurofound (2013), Raiffeisen Zentralbank RZB, Internal restructuring in Austria, factsheet number 75937, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75937.