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
164 - 234 jobs Number of planned job losses
70 jobs Number of planned job creations
Announcement Date
8 November 2016
Employment effect (start)
1 April 2017
Foreseen end date
1 December 2018
Description
Italian regional bank Credito Valtellinese (Creval) is to dismiss about 230 workers.
According to the 2017-2018 action plan, Creval is to reduce its operative costs and reorganise its branches. This will result in the closure of about 70 branches and 230 job cuts across 25 branches. The job losses will be implemented through early retirements to take place in 2017 and 2018. Another 100 workers will be transferred and, if necessary, retrained.
The bank, which has recently shed its cooperative status and has become a joint stock company, currently operates in 11 Italian regions with 526 branches.
Update, 21 December 2016: The management and unions agreed 234 exits to be achieved by voluntary early retirements. The bank also underwrote to enter 70 open-ended contracts, for both its temporary employees and new staff.
Sources
7 November 2016: Reuters
8 November 2016: Credito Valtellinese - press release
9 November 2016: Corriere della sera
9 November 2016: La Provincia di Sondrio
Citation
Eurofound (2016), Credito Valtellinese, Internal restructuring in Italy, factsheet number 89093, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89093.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
