Restructuring events
European Restructuring Monitor (ERM)
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.
On 10 August 2006 the banking company West LB, the bank of North Rhine Westphalia, announced a cost-saving-program (Lean-Bank-Initiative) to reduce costs by 250 Million within three years. The plans comprise to reduce staff which is not directly involved in customer services, namely in the administrative and IT-divisions. In Germany, where West LB employs a workforce of 4,200, about 500 jobs are planned to be cut.
In the first half of 2006, WestLB did already shed 325 jobs in Germany. These job cuts were not related to the new plans mentioned above.
In fall, the company will give details on job cuts at its international units.
Eurofound (2006), West LB, Internal restructuring in Germany, factsheet number 63900, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63900.