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
500 jobs Number of planned job losses
Announcement Date
8 September 2008
Employment effect (start)
8 September 2008
Foreseen end date
31 December 2010
Description
On 8 September 2008 the banking company HSH Nordbank announced that it wanted to cut 750 out of 4300 jobs until 2010. The cuts are part of a major restructuring programme aimed at cutting costs and raising overall profits. 200 of the 750 jobs will be cut outside Germany (specific countries not mentioned). Direct dismissals are not excluded but one of the measures will be not to replace employees when they retire. The bank is currently owned by the German federal states of Hamburg and Schleswig-Holstein.
Sources
9 September 2008: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2008), HSH Nordbank, Internal restructuring in Germany, factsheet number 67076, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67076.
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