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
150 - 200 jobs Number of planned job losses
Announcement Date
14 December 2004
Employment effect (start)
1 January 2005
Foreseen end date
31 December 2005
Description
Eurohypo, the German property financing company which was formed when the property financing subsidiaries of Dresdner Bank, Deutsche Bank and Commerzbank merged, employs a total of 2,500 people, 800 less than before the merger .
There were plans to cut a further 100 jobs, but these were never implemented. The company has informed employees on 14 December 2004 that it is planning to cut a further 150 to 200 jobs in addition to the 100 job cuts already planned over a period of several years. Before a decision is taken on the exact number of jobs to be cut, processes and structures will be examined.
Although the bank achieved a profit of 449 million euros for the first nine months of the current year and is expecting to surpass the 500 million euros mark for the year as a whole, it is still aiming for a more stable cost per income ratio to enable it to remain in a leading market position.
Sources
14 December 2004: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2004), Eurohypo, Internal restructuring in Germany, factsheet number 60950, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60950.
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