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 64.2 - Activities of holding companies
200 - 250 jobs Number of planned job losses
Announcement Date
12 September 2014
Employment effect (start)
12 September 2014
Foreseen end date
31 December 2016
Description
Building society Schwäbisch Hall, a DZ-Bank subsidiary, announced plans to cut 200 to 250 jobs at its headquarters by the end of 2016. As announced, the Schwäbisch Hall based organisation plans to reduce payroll and material costs by € 50 to 80 million. The job reduction measure is expected to be implemented by means of natural attrition and hiring freeze.
According to the sources the cost saving measure is due to the shrinking saving volume, since low interest rates are making the building society saving less attractive. As reported, the volume of saving has decreased by one third. This year the company concluded half as much contracts as in the past year.
Sources
12 September 2014: Stuttgarter Zeitung
11 September 2014: FAZ
12 September 2014: Handelsblatt
Citation
Eurofound (2014), Schwäbisch Hall, Internal restructuring in Germany, factsheet number 77557, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77557.
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