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
200 - 300 jobs Number of planned job losses
Announcement Date
30 August 2005
Employment effect (start)
1 October 2005
Foreseen end date
31 December 2005
Description
HSH Nordbank, a state-owned bank that is the result of a merger between the state-banks of Hamburg and Schleswig-Holstein, will lay off between 200-300 employees. HSH Nordbank quotes the removal of state guarantees as the reason behind the decision. The European commission has put an end to Germany's system guarantees for state-banks, as they have distorted competition between banks.
Sources
31 August 2005: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2005), HSH Nordbank, Internal restructuring in Germany, factsheet number 62332, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62332.
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