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.
Raiffeisenlandesbank Lower Austria and Vienna, RLB NÖ-Wien, is cutting 100 jobs by the end of 2018 reportedly due to net losses of €64 millionen in 2016.
The bank has announced restructuring measures aiming to reduce staff from currently 1,100 to below 1,000. The write-downs of investments in the Raiffeisen Zentralbank (RZB) holding are given as reason for RLB NÖ-Wien's negative performance. Restructuring measures do not only include job cuts but also a reduction of trade in securities and a stronger focus on customer business.
The company has already agreed on a social plan for affected employees with the works council. According to newspapers, especially older employees are among those made redundant.
Eurofound (2017), Raiffeisenlandesbank Niederösterreich-Wien, Internal restructuring in Austria, factsheet number 90959, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90959.