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 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.
Eurofound (2008), WestLB, Internal restructuring in Germany, factsheet number 66286, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66286.