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 64.1 - Monetary intermediation
180 - 200 jobs Number of planned job losses
Announcement Date
30 April 2016
Employment effect (start)
30 April 2016
Foreseen end date
31 December 2016
Description
The Austrian BAWAG PSK retail bank announced to shed between 180 and 200 jobs by the end of 2016 due to restructuring of its network of branch offices.
About 70 to 80 of the affected employees are temporary agency workers from the Österreichische Post AG (government-run mail service), which has a long standing cooperation with the BAWAG in the branch business. These employees shall be returned to their actual employer. However, representatives of the trade union within the Post AG are concerned that the Post AG might not be able to provide jobs for the returners either as the company is also subject to cut backs.
The bank, which is mainly owned by the US based Cerberus Capital Management private equity firm and GoldenTree Asset Management LP has undergone several restructuring measures in recent years cutting more than 700 jobs as Eurofound previously reported (FS BAWAG PSK 2010).
Sources
30 April 2016: Der Standard
1 May 2016: Die Presse
Citation
Eurofound (2016), Bawag PSK, Internal restructuring in Austria, factsheet number 87458, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87458.
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