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 - Financial service activities, except insurance and pension funding
8,500 jobs Number of planned job losses
Announcement Date
11 March 2014
Employment effect (start)
1 April 2014
Foreseen end date
Description
Unicredit, a leading Italian company in the banking sector, has announced plans to reduce its global workforce by 8,500 units by 2018 as part of its 2015-1018 strategic business plan. 5,700 of the foreseen job losses will be concentrated in Italy (see ERM factsheet) and 1500 in Germany (see ERM factsheet). 500 agencies will be closed in Italy and 300 in Germany. It has not yet been announced where the other job cuts will take place.
Unicredit has stated that as a result of these measures, the workforce across the company’s three Western European markets (Italy, Austria and Germany) will be reduced by 13% by 2018 as regards the commercial banking arm, and by 7.4% for the corporate banking arm.
Already in 2013 Unicredit had achieved cost savings by reducing its global headcount by 8,500 positions, with job cuts concentrated mainly in Kazakistan and Turkey.
Sources
13 March 2014: Merkur Online
13 March 2014: Unicredit Group
11 March 2014: Reuters
11 March 2014: La Repubblica
Citation
Eurofound (2014), Unicredit, HypoVereinsbank, Internal restructuring in European Union, factsheet number 76847, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76847.
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