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 - 1,500 jobs Number of planned job losses
Announcement Date
8 February 2008
Employment effect (start)
Foreseen end date
31 December 2010
Description
On 8 February it was announced, that the bank of the federal state of North-Rhine Westphalia, WestLB, will be restructured. There are plans to cut between 1300 and 1500 jobs as part of a general restructuring programme which is meant to save the bank €300 million until the end of 2010. The bank is in crisis following risky financial operations tied to the subprime crisis in the US. Where the job cuts will occur and how many employees will be dismissed is not yet decided.
See update Oct 2009. 900 jobs lost in period up to 2009, 400 to be lost before 2010.
Sources
11 February 2008: Financial Times Deutschland
9 February 2008: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2008), WestLB, Internal restructuring in Germany, factsheet number 66286, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66286.
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