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
400 jobs Number of planned job losses
Announcement Date
27 March 2018
Employment effect (start)
Foreseen end date
Description
Banking group Credito Valtellinese (Creval) announced 400 redundancies (10% of its actual workforce) as part of its restructuring plan 'Run2 – Restart under new normality 2018/2020'. Of the 400 redundancies, some 25 jobs will be cut due to the merger with Credito SIciliano, which will enable savings in the bank's central functions. Some 275 posts will be eliminated as part of the closure of 67 branches which, together with the 27 branches closed in 2017 bring down the total number of branches to 350. Finally another 100 job cuts will result from an overhaul of the banking operations and a strengthening of online banking.
Negotiations on the restructuring plan have started on 27 February 2018. The company announced that it is willing to resort to its Solidarity Fund for 170 workers and to use mobility schemes for the affected workers.
Sources
: Il Sole 24 Ore
: Affari Italiani
: Finanza Report
: Milano Finanza
Citation
Eurofound (2018), Credito Valtellinese, Internal restructuring in Italy, factsheet number 93557, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93557.
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