EMCC European Monitoring Centre on Change



Geographic Location

Country: World
Location of affected unit(s): Italy, Germany, Austria, Ukraine, Russia, Romania, Turkey and other CEE


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 140000

Employment Effects

Announcement Date: 26-06-2008
Planned Job Reductions min: 9000
Planned Job Reductions max: 9000
Type of Restructuring: Merger/Acquisition
Employment Effect Start: 26-06-2008
Planned Job Creation: 11500

Additional Information

On 26 June 2008, the Austrian newspaper „Der Standard“ reported plans of the Italian UniCredit bank group – after its acquisition of Capitalia – of intensifying the corporation’s cost saving programme. Accordingly, the group’s CEO, Alessandro Profumo, announced redundancy plans involving around 9,000 employees in the medium term, mainly in Italy, but affecting also its subsidiaries HypoVereinsbank in Germany and Bank Austria in Austria. In parallel, 1,300 new branches are planned to be set up in the CEE countries (900 of them in Russia, Turkey, Romania and Ukraine) with the creation of an estimated 11,500 new jobs. The UniCredit group is the second largest bank operator in Europe and the most important operator in the CEE region, employing around 70,000 people in the CEE countries.