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.
The bank Banca Nazionale del Lavoro (BNL) announced a restructuring plan which will entail 600 redundancies taking place nationwide.
The bank's CEO explained the decision by citing the dire conjunctural economic conditions which continue to have a negative impact on the profitability of Italian banks. In order to reduce labour costs, the bank announced the introduction of machine learning and artificial intelligence solutions, which allow to automate non-repetitive processes.
According to the trade unions, redundancies will be achieved through the use of opportunities offered by recent pension reforms and, in particular, through the voluntary early retirement schemes Quota 100 and Woman Option.
Eurofound (2019), Banca Nazionale del Lavoro, Internal restructuring in Italy, factsheet number 97531, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97531.