EMCC European Monitoring Centre on Change

Unicredit, HypoVereinsbank

Company/Organisation:
Unicredit, HypoVereinsbank

Geographic Location

Country: European Union
Location of affected unit(s): Italy, Germany

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Group: Unicredit Group

Employment Effects

Announcement Date: 11-03-2014
Planned Job Reductions min: 8500
Planned Job Reductions max: 8500
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-04-2014
Direct Dismissals: 3100
Other Job Reduction Measures: 5700

Additional Information

Unicredit, a leading Italian company in the banking sector, has announced plans to reduce its global workforce by 8,500 units by 2018 as part of its 2015-1018 strategic business plan. 5,700 of the foreseen job losses will be concentrated in Italy (see ERM factsheet) and 1500 in Germany (see ERM factsheet). 500 agencies will be closed in Italy and 300 in Germany. It has not yet been announced where the other job cuts will take place.

Unicredit has stated that as a result of these measures, the workforce across the company’s three Western European markets (Italy, Austria and Germany) will be reduced by 13% by 2018 as regards the commercial banking arm, and by 7.4% for the corporate banking arm.

Already in 2013 Unicredit had achieved cost savings by reducing its global headcount by 8,500 positions, with job cuts concentrated mainly in Kazakistan and Turkey.