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
140 jobs Number of planned job losses
Announcement Date
24 February 2016
Employment effect (start)
24 February 2016
Foreseen end date
31 December 2019
Description
Sparkasse Vorderpfalz, a German savings bank, announced to cut 140 jobs at regional level within the next four years. A total of 60 jobs will be cut during 2016. Major cities in the area affected are Ludwigshafen and Speyer. However, which branch offices will be affected and to what extent is not yet known. The savings bank announced that it wanted to implemt the job reduction by natural fluctuation, offering early and partial retirement schemes and compensation payments. According to its management, the company wants to become more competitive. Sparkasse Vorderpfalz currently employs 1,100 employees.
Sources
24 February 2016: morgenweb.de
9 March 2016: rheinlandpfalz.de
Citation
Eurofound (2016), Sparkasse Vorderpfalz, Internal restructuring in Germany, factsheet number 86669, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86669.
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