HypoVereinsbank

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
800 jobs
Number of planned job losses
Job loss
Announcement Date
19 March 2013
Employment effect (start)
19 March 2013
Foreseen end date

Description

UniCredit subsidiary HypoVereinsbank (HVB) announced to cut 800 jobs by closing 45 branches. This is due to weak average utilization.HVB reacts on the displacement of customer services on site towards online banking. In total, HVB runs 610 branches in Germany. The company aims to avoid forced redundancies, but did not rule them out.

Sources

  • 19 March 2013: Die Welt (online)

Citation

Eurofound (2013), HypoVereinsbank, Internal restructuring in Germany, factsheet number 75187, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75187.