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
500 - 520 jobs Number of planned job losses
Announcement Date
13 November 2014
Employment effect (start)
13 November 2014
Foreseen end date
31 December 2017
Description
On 13 November 2014, German HSH Nordbank announced its plan to cut one fifth of its 2,600 jobs by the end of 2017, making around 500 jobs redundant.
The bank suffers from the shipping crisis and intends to reduce costs by 170 million euros within the next two years. The reduction will mainly affect sites in Hamburg and Kiel.
HSH Nordbank is a regional bank of Northern Germany and employs around 2,600 people.
Sources
13 November 2014: NDR Online
13 November 2014: Hamburger Abendblatt
13 November 2014: FAZ
Citation
Eurofound (2014), HSH Nordbank, Internal restructuring in Germany, factsheet number 77851, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77851.
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