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
6,500 jobs Number of planned job losses
Announcement Date
31 August 2008
Employment effect (start)
Foreseen end date
Description
On 31 August the financial service company Allianz announced the selling of its subsidiary, German bank Dresdner Bank, to Commerzbank. Commerzbank will completely take over Dresdner Bank in two steps until 2009. Following the aquisition of Dresdner Bank, Commerzbank plans to cut about a total of 9,000 jobs of the current 67000 jobs in both companies. 6,500 of the 9,000 will be cut in Germany. Commerzbank plans to close a third of the existing 1894 outlets of both banks.
In September 2010, Commzerbank stated, that the merger of the investment banking departments of Commerzban and Dresdner Bank will be completed by 2012 and 1550 jobs out of 3200 investment banking jobs worldwide will be cut. The job cutting process started in 2008, about 90% of these jobs are already gone, the company says. Most jobs were cut in London, Tokio and New York.
Sources
1 September 2008: Financial Times Deutschland
Citation
Eurofound (2008), Commerzbank, Merger/Acquisition in Germany, factsheet number 67019, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67019.
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