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
450 jobs Number of planned job losses
250 jobs Number of planned job creations
Announcement Date
11 May 2017
Employment effect (start)
1 September 2017
Foreseen end date
31 December 2018
Description
Italian banking group Ubi Banca announced about 1,000 job cuts to be implemented by 2020.
The group has just acquired three bridge banks at a symbolic price (€1). These were established in 2015 following the bankruptcy of Banca Popolare dell’Etruria e del Lazio (see BPELIT-2015), Cassa di Risparmio di Chieti and Banca Marche.
These banks are now to undergo a restructuring process, entailing the closure of 140 branches, mostly located in central Italy, the reduction of administrative costs and significant headcount reductions affecting 1,569 of the 4,900 employed. Yet, the management announced that more than 500 workers employed at the bridge banks in 2016 are quitting their job as per recent agreements, leading to net 1,000 exits yet to be implemented (out of a total workforce of about 4,300).
Negotiations with unions will start soon. Unions hope exits will be made by means of early retirements or incentivised voluntary dismissals. Also the management declared the intention to avoid direct dismissals.
The forthcoming exits add up to those planned by Ubi Banca as of June 2016 (see Ubi BancaIT-2016).
Update, 26/07/2017: Ubi Banca and the unions agreed 700 incentivised voluntary dismissals to be implemented by March 2018. The bank will also hire 250 new young workers by 2018.
Sources
11 May 2017: Giornale di Brescia
11 May 2017: La Repubblica
11 May 2017: Il Fatto Quotidiano
12 May 2017: La Stampa
Citation
Eurofound (2017), Ubi Banca, Merger/Acquisition in Italy, factsheet number 91507, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91507.
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