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
400 jobs Number of planned job losses
Announcement Date
7 October 2009
Employment effect (start)
Foreseen end date
Description
West LB, the bank of the federal state of North-Rhine Westfalia, realises a costsaving programme and undergoes restructuring to get 'fit for sale' by 2011. The restructuring progamme is result of a EUR 58bn public guarantee and a decision by the EU Commission. From 2007 to the end of 2010 WestLB cuts a total of 1350 international full-time jobs. As of October 2009, 400 jobs are still to go. 950 jobs were cut in 2007 to 2009. The bank is to diminish its total assets by 50% and focus on only three core business activities; the bank will be sold at the end of 2011.
Apart from the bank's headquarters at Düsseldorf, all other sites in North-Rhine Westfalia will be closed. This will affect 120 employees out of 800 in North-Rhine Westfalia. There will be no direct dismissals.There is no precise information on job cuts elsewhere.
The information is to be seen in line with the restructuring of other regional banks. FTD (October 2009) gives the following information on job cuts in 2009/2010: Bank of Bavaria (BayernLB): 5,600 jobs, Bank of Baden-Württemberg: 2,500 jobs, HSH Nordbank: 1,100 jobs.
Eurofound (2009), WestLB, Internal restructuring in Germany, factsheet number 69668, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69668.
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