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 - 500 jobs Number of planned job losses
Announcement Date
17 December 2013
Employment effect (start)
1 January 2014
Foreseen end date
31 December 2017
Description
Bavarian public bank BayernLB is to cut some 400 to 500 positions in Germany by the end of 2017. The cuts are to affect the group’s core bank, consisting of the headquarters in Munich and branch offices throughout Germany and other countries. According to reports, positions are to be cut mainly in administrative and back office units.
The measure is a new step in the ongoing process of restructuring that has been going on since BayernLB had applied for public subsidies to weather the financial crisis.
According to the sources, the occurrence of forced redundancies is very unlikely due to legal and financial reasons. The bank is planning to cut jobs via voluntary departures, natural attrition and part-time work.
In total, the group employs about 9,500 staff globally, of which 3,000 work at the core bank affected by the restructuring.
Sources
18 December 2013: Süddeutsche Zeitung
18 December 2013: Deutsche Wirtschaftsnachrichten
Citation
Eurofound (2013), BayernLB, Internal restructuring in Germany, factsheet number 76405, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76405.
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