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
400 jobs Number of planned job losses
Announcement Date
14 August 2006
Employment effect (start)
1 January 2006
Foreseen end date
31 December 2008
Description
On 14 August 2006, the Aareal Bank AG, a real estate financing institute, announced to cut an additional 150 jobs within the next two years. Affected by the planned job reductions are its housing business and accounts department. At the moment, its housing business affiliates and accounts department employ 1600 persons. On 29 November 2005, Aareal Bank had already announced to reduce its workforce by a 250 employees within its holding company and reconfirmed this figure by now. The holding company employs 1250 persons so far. The Aareal Bank has run into the red in 2004. The job reductions are part of an overall restructuring scheme that aims to maximise the establishment's profit.
Eurofound (2006), Aareal Bank, Internal restructuring in Germany, factsheet number 62631, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62631.
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