EMCC European Monitoring Centre on Change

BAWAG PSK

16 Jul, 2015
    • Austria
  • Organisation size

    1000+

  • Establishment size

    1000+

  • Type of restructuring
    • Internal restructuring
    • Merger/Acquisition
  • Ownership
    • Private
  • Sectors
    • Financial services
  • Involved actors

    • National government
    • Regional/local government
    • Public employment service
    • Social service provider
    • Trade union
    • Works council
    • Others
  • Management of change activities
    • Diagnosis of the situation and designing change procedures
    • Information and consultation of workers or their representatives
    • Multistakeholder communication and networking
    • Working time flexibility measures
    • Employment subsidies
    • (Re)training of affected employees
    • Flexible/early retirement schemes
    • Attracting investors
BAWAG PSK is an Austrian banking group historically closely aligned with the trade union movement. The bank has faced numerous financial and political challenges in recent years, linked in a number of cases to unsound financial investments leading to significant exposure to failed or struggling US financial institutions. Having previously been owned by the Austrian trade unions and therefore carrying strong political and symbolic significance, this has arguably affected its approach towards restructuring. Workforce restructuring has taken place in a way that has avoided compulsory redundancies, but instead focused on retraining and early retirement measures.
keywords
  • Recession/crisis
  • Business transfer and succession