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 64.19 - Other monetary intermediation
200 jobs Number of planned job losses
100 jobs Number of planned job creations
Announcement Date
28 November 2014
Employment effect (start)
30 April 2015
Foreseen end date
31 December 2015
Description
Banco Popolare, an Italian commercial banking group, is to cut 200 jobs at group units and subsidiaries located in Northern Italy.
The job reduction measure is in line with the group industrial plan that aims at increasing digital banking services while reducing branches and personnel costs.
Dismissals will be in the form of voluntary early retirements and will take place in the months of April, November and December 2015. Redundant workers will be entitled to a benefit granted by the sectoral paritarian institution.
As reported, for each two voluntary dismissals, a worker will be hired on a stable basis or a fixed-term contract that will be shifted into an open-ended one.
The decision was agreed with trade unions in a wider framework of negotiations, including performance related pay and company welfare provisions.
The industrial plan targets entail further staff reductions in the next years.
ERM reported on previous restructuring events: see Banco PopolareIT-2006 and Banco PopolareIT-2010.
Sources
29 November 2014: L'Arena
28 November 2014: Il Sole 24 Ore
Citation
Eurofound (2014), Banco Popolare, Internal restructuring in Italy, factsheet number 77985, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77985.
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