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
2,500 jobs Number of planned job losses
Announcement Date
2 February 2009
Employment effect (start)
1 January 2009
Foreseen end date
31 December 2010
Description
On 2 February 2009, the bank HypoVereinsbank (HVB) confirmed an announcement from December to cut 2,500 jobs in Germany by the end of 2010. The job cuts are part of a restructuring programme of the Uni-Credit Group which plans for a total of 9,000 job cuts at Uni-Credit Group over a three-year period.
The HVB restructuring programme will not be accelerated because of the financial crisis. The HVB job cuts include around 400 jobs at its investment banking department, 1,200 at private customer services, 150 at company services and 50 jobs at the wealth management division. Amongst other things, job cuts are to be implemented through natural attrition.
HVB currently employs around 22,000 staff.
Sources
7 February 2009: Frankfurter Allgemeine Zeitung
9 December 2008: Financial Times Deutschland
Citation
Eurofound (2009), HypoVereinsbank, Internal restructuring in Germany, factsheet number 67615, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67615.
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