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
2,600 jobs Number of planned job losses
Announcement Date
13 December 2016
Employment effect (start)
5 February 2017
Foreseen end date
30 June 2024
Description
Italian banking group Unicredit announced 3,900 job cuts over the next three years.
The decision was announced as part of the 2017-2019 industrial plan, aimed at increasing profitability and reducing operating costs. The plan also entails a significant capital increase and the closure of 883 branches out of a total of 3,600. Further 2,600 redundancies are planned in other European countries, mainly in Germany and Austria.
Unions intend to negotiate a reduction in the number of dismissals and guarantee that exits are only implemented on a voluntary basis, preferably by means of early retirement.
Update, 04/02/2017: The management and unions agreed 3,900 incentivised exits, to be implemented by the end of June 2024. At the same time, unions obtained 1,300 new hirings over the same period, reducing the net cut to 2,600 employees. The agreement includes also the commitment of the company not to reduce its headcount by 2019 and to shift 600 fixed-term contracts into open-ended ones.
Sources
13 December 2016: Rassegna Sindacale
13 December 2016: La Repubblica
10 January 2017: La Repubblica
4 February 2017: La Repubblica
Citation
Eurofound (2016), Unicredit, Internal restructuring in Italy, factsheet number 89753, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89753.
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