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
750 - 1,100 jobs Number of planned job losses
Announcement Date
11 February 2009
Employment effect (start)
8 September 2008
Foreseen end date
31 December 2012
Description
On 11 Febuary 2009, the banking company HSH Nordbank announced the loss of 1,100 out of 4,500 jobs by 2012. There is no information on where the job cuts will be implemented. Direct dismissals are not ruled out, the company says. HSH Nordbank faces a loss of up to approximately 2.6 billion euro. The bank applied for state support.
According to a 24 Febuary 2009 announcement, the federal states of Hamburg and Schleswig-Holstein, which hold about 60% of the bank, have decided on a EUR 13 billion bailout to save the bank. Both states will set up a special financial agency that is to invest EUR 3 billion and provide guarantees totalling EUR 10 billion. Additionaly, a 'bad bank' will be set up. HSH Nordbank will be restructured to focus on financial services for regional enterprises and shipbuilding.
The federal support is said to be highly risky and debated as possibly leading to bankruptcy of Schleswig-Holstein, FAZ says.
Other owners, such as US investor Christopher Flowers (26%) and the Sparkassen of Schleswig-Holstein (15%), are unwilling to save the enterprise with further investments.
Sources
18 February 2009: Financial Times Deutschland
9 September 2008: Frankfurter Allgemeine Zeitung
12 February 2009: Frankfurter Allgemeine Zeitung
12 February 2009: Financial Times Deutschland
Citation
Eurofound (2009), HSH Nordbank, Internal restructuring in European Union, factsheet number 67085, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67085.
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