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
300 jobs Number of planned job losses
Announcement Date
3 December 2007
Employment effect (start)
1 January 2008
Foreseen end date
31 December 2008
Description
VR Kreditwerk, a firm that provides consultancy to firms in the financial services sector, has announced that it is to cut 300 jobs at its headquarters in Hamburg. 340 are employed at the Hamburg site, and the job losses will be implemented by the end of 2008. VR Kreditwerk is an affiliate of the building society Schwäbisch Hall AG and the saving and loan association DG Hyp. The job losses at VR Kreditwerk follow DG Hyp announcing a cost reduction programme in November 2007. As a result of this programme by DG Hyp, VR Kreditwerk decided to cut jobs at its Hamburg site. As of December 2007, Kreditwerk and DG Hyp are establishing a social plan for those employees affected.
Sources
3 December 2007: Handelsblatt
Citation
Eurofound (2007), VR Kreditwerk, Internal restructuring in Germany, factsheet number 66117, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66117.
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