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 64.1 - Monetary intermediation
1,860 jobs Number of planned job losses
Announcement Date
24 November 2005
Employment effect (start)
1 January 2006
Foreseen end date
31 December 2009
Description
Dresdner Bank, the second largest German Bank belonging to giant Allianz, is to reduce its workforce in Germany by 1,860 employees by 2009. The reduction is slightly smaller than it was previously announced. Dresdner intended to cut almost between 2,000 and 3,000 jobs. However, there shall be no dismissals. If the bank reaches its financial goals for 2005, another 160 employees, whose positions are at risk, will be held. The cost-cutting effort is part of a so-called 'profitability and growth programme'. In 2005, some € 400 million have been spent to finance the restructuring programme so far.
Sources
25 November 2005: Frankfurter Allgemeine Zeitung
21 December 2006: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2005), Dresdner Bank, Internal restructuring in Germany, factsheet number 62561, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62561.
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