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
5,500 jobs Number of planned job losses
Announcement Date
3 December 2019
Employment effect (start)
Foreseen end date
Description
Unicredit bank announced 5,500 redundancies in Italy and the closure of around 450 branches.
The announced redundancies are part of the company's broader 2019-2023 industrial plan, which will be strongly focused on containing costs, especially labour costs, and maximising shareholder value. Overall, the company plans to reduce its workforce by 8,000 and the redundancies will be mostly concentrated in Germany, Austria and Italy.
The company argued it will act in a socially responsible way, but the trade unions deemed the plan as completely unacceptable.
Eurofound (2019), Unicredit, Internal restructuring in Italy, factsheet number 99248, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99248.
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