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
300 - 350 jobs Number of planned job losses
Announcement Date
19 June 2008
Employment effect (start)
1 July 2008
Foreseen end date
31 December 2010
Description
Bayern Landesbank, a bank owned by the state of Bavaria (50%) and the public saving banks of Bavaria (Sparkassenverband Bayern), will cut 300 to 350 jobs at its headquarter in Munich. The bank employs a global workforce of 19,200. Most of the jobs will be shed in the IT-service division. The bank claims that it run too many programmes and job cuts in the IT-sector will reduce human ressouce costs and material costs. Bavarian Social Democrats say that the job cuts have to be seen in light of the financial crisis and that workers have to bear the costs of management errors. According to Bayern LB, the job cuts will be achieved by natural attrition and voluntary measures and without direct dismissals.
Sources
19 June 2008: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2008), Bayern Landesbank, Internal restructuring in Germany, factsheet number 66774, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66774.
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