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 Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66 - Activities auxiliary to financial services and insurance activities
5,600 jobs Number of planned job losses
Announcement Date
1 December 2008
Employment effect (start)
1 December 2008
Foreseen end date
31 December 2013
Description
On 1 December 2008, the Federal State bank of Bavaria Bayern LB Group announced to cut 5600 jobs by the end of 2013. 1000 jobs are to be lost at the bank’s headquarter in Munich as well as at its office in Nuremberg. Details on further locations affected in Germany were not yet released. The new restructuring programme seeks to realise about EUR 670 million savings by 2013.
Bayern LB Group furthermore announced that it will shut down its representative offices across Asia (Hong Kong, Shanghai, Beijing, Tokyo and Mumbai) along with its Milan office in Europe. 200 employees are therefore affected by job cuts outside Germany.
The restructuring programme is a reaction to the financial crisis which hit the group severely. By the end of November 2008, a government rescue package worth EUR 30 billion was approved to save the group from financial collapse.
Sources
2 December 2008: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2008), Bayern LB, Internal restructuring in Germany, factsheet number 67560, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67560.
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