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.
Intesa San Paolo, an Italian banking group, is to cut 170 jobs in the next 18 months. The jobs cuts will be at management level.
In March, the company announced that it would reduce its workforce by 200 but after consultations with trade union Dircredito the number was lowered to 170. 125 of the 170 redundancies will be made through early-retirement schemes, and Intesa Sanpaolo will finance an outplacement programme for the other 45 employees. According to the source, Dircredito was satisfied with the agreement, and commended the company for not proceeding with indiscriminate job cuts.
The job cuts are a result of an on-going restructuring process at the company and the ERM previously reported on events in 2013, 2012, 2011.
Eurofound (2014), Intesa San paolo, Internal restructuring in Italy, factsheet number 76907, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76907.