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.
Italian commercial banking group Ubi Banca agreed 500 job cuts with trade unions. In fact, due to the persistent negative economic scenario, the group set out a plan involving the reduction of local branches and the development of digital banking services. Internal funds and paritarian institution resources will be used to incentivise 500 early retirements within the group by the end of January 2015. A reduction in costs will be supported also with part-time contracts, compulsory deadlines for the usage of accrued time-off and training courses aimed at easing intra-group mobility. The group agreed also to convert 130 fixed-term contracts into open-ended contracts and to hire 150 new workers in 2015 and 2016, should the voluntary dismissals reach the foreseen target. These provisions add to the 650 job cuts and 240 new hirings agreed in 2012 and currently being implemented (see Ubi BancaIT-2012). For previous factsheets regarding the group, see also Ubi BancaIT-2011, Ubi BancaIT-2010.
Eurofound (2014), Ubi Banca, Internal restructuring in Italy, factsheet number 77978, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77978.