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 64.1 - Monetary intermediation
1,500 jobs Number of planned job losses
Announcement Date
13 December 2016
Employment effect (start)
13 December 2016
Foreseen end date
31 December 2019
Description
On 13 December 2016, the financial service provider HypoVereinsbank announced to cut up to 1,500 jobs in Germany within the next 3 years.
Affected are especially the jobs in the administration, investment banking and the corporate banking departments.
HypoVereinsbank is a subsidiary of the Unicredit group, an Italian banking group. Unicredit will cut in total 14,000 jobs group-wide. The group is struggling since the financial crisis and now wants to restructure with a €13 billion recapitalisation supported by investors.
The management and the works' council already negotiated a social plan and severance agreements. The company wants to reduce the jobs as socially acceptable as possible and wants to avoid direct dismissals. Furthermore, the company wants to extend its partial retirement programme, which was created during the last job cuts and extends to the end of 2019.
Already in 2015, HypoVereinsbank announced to cut 1,200 Jobs in Germany, see (HypoVereinsbank, 2015).
HypoVereinsbank currently employs about 15,000 people in Germany.
Sources
13 December 2016: Unicredit (press release)
13 December 2016: Süddeutsche (online)
15 December 2016: Badische Zeitung
15 December 2016: Süddeutsche Zeitung (Print)
Citation
Eurofound (2016), HypoVereinsbank, Internal restructuring in Germany, factsheet number 89435, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89435.
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