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
900 jobs Number of planned job losses
Announcement Date
31 May 2006
Employment effect (start)
Foreseen end date
31 December 2008
Description
On 31 May 2006, Commerzbank, one of Germanys largest private banks, announced to cut 900 jobs till the end of 2008. In autumn 2005, Commerzbank acquired Eurohypo, a specialist bank in real estate and public finance. The credit transaction business at Commerzbank and Eurohypo employs 2000 persons. 4700 employees are currently working at the information technology departments. The merging process and the high cost at the above mentioned departments led to the banks decision to cut 450 jobs at each of the departments, resulting in a total job loss of 900.
Sources
1 June 2006: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2006), Commerzbank, Merger/Acquisition in Germany, factsheet number 63567, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63567.
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