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 - Financial service activities, except insurance and pension funding
9,100 - 10,100 jobs Number of planned job losses
Announcement Date
25 February 2003
Employment effect (start)
1 February 2003
Foreseen end date
1 December 2004
Description
HVBA, one of the largest German banks, had already announced the suppression of 9100 jobs until the end of 2004, it seems now (02/2003) that this year already 1000 more would be suppressed. In the frame of the integration of Vereinsbank and Westbank, HVB plans to shed some 600 jobs. According to management, direct dismissals will be avoided as much as possible.
Sources
25 February 2003: Der Spiegel
25 February 2003: Wirtschaftsblatt
25 February 2003: Der Standard
14 April 2004: Financial Times Deutschland
Citation
Eurofound (2003), HypoVereinsbank, Internal restructuring in Germany, factsheet number 59210, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59210.
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