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 Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66 - Activities auxiliary to financial services and insurance activities
New offshoring locations
Czechia
300 jobs Number of planned job losses
Announcement Date
20 November 2007
Employment effect (start)
Foreseen end date
31 December 2010
Description
Deutsche Börse, a group that operates in the financial services sector, has announced that it is to cut 300 jobs in Frankfurt in Germany and in Luxembourg. The group is aiming to achieve a saving of 100 million EUR with the job cuts, and has stated that the job losses will be implemented by 2010. The group’s I.T. and administration departments will be affected by the job cuts, and approximately 200 of the affected jobs will be ‘offshored’ to a site that the group operates in Prague in the Czech Republic. Management at the group have stated that the job losses will be discussed with employee representatives and that the firm intends to implement the restructuring plan in a socially responsible manner. As of November 2007, there is no information on the exact number of jobs that will be lost at the sites in Germany and Luxembourg.
Sources
12 November 2007: Handelsblatt
21 November 2007: Handelsblatt
Citation
Eurofound (2007), Deutsche Börse, Offshoring/Delocalisation in European Union, factsheet number 66045, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66045.
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