WestLB

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
1,800 jobs
Number of planned job losses
Job loss
Announcement Date
17 September 2003
Employment effect (start)
Foreseen end date
1 December 2005

Description

The number of employees at WestLB will be reduced from 8000 to 6200 by the end of 2005. The goal of this operation is to reduce the personal costs by 500 million euros by the end of 2005 (above another costs reduction of 540 million euros).

Sources

  • 17 September 2003: Financial Times Deutschland
  • 17 September 2003: WestLB Press release
  • 25 September 2003: Financial Times Deutschland

Citation

Eurofound (2003), WestLB, Internal restructuring in Germany, factsheet number 60102, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60102.