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 banking group Unicredit is to lay off 540 employees at its Italian branches. The group recently updated the 2014-2018 industrial plan envisaging 12,200 dismissals, of which 5,640 in Italy. The group stated that the new plan will allow to increase the financial stability and profitability by reducing operational costs (1,6 million EUR savings are expected as a result of the job cuts).
In June 2014, Unicredit already agreed with Italian unions 5,100 dismissals, of which 2,700 still to be implemented (see Unicredit-IT2014). Over the next months, negotiations will be held for the further 540 job cuts, mainly addressing managerial staff.
Trade unions expressed criticism towards the new industrial plan. In addition, unions demand that additional dismissals are implemented only on a voluntary basis.
Update, 08/03/2016: An agreement was reached entailing a maximum number of 470 exits. The company agreed to provide incentivised early retirements for up to 200 managers. Other redundant workers will be offered: internal relocation with a lower wage (up to 175 maximum positions) or outplacement services aimed at starting a business as financial promoters or real estate agents, including an agency contract with Unicredit for a one-year minimum duration. The costs of the plan will be partially covered by managers themselves. In addition, the parties agreed the entrance of 200 new young workers, mainly by means of apprenticeship contracts.
Unions positively assessed the measures at hand, remarking that this is the first case of collective dismissals of managers negotiated through collective bargaining in Italy.
Eurofound (2015), Unicredit, Internal restructuring in Italy, factsheet number 85426, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85426.