Restructuring events
European Restructuring Monitor (ERM)
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.
On 30 May 2017, the German federal state bank Norddeutsche Landesbank (NordLB) announced to cut 1,250 jobs by 2020 in Germany. NordLB has been struggling due to losses in its shipping loan business. Furthermore, the job cuts are also a consequence of the merger with the Bremer Landesbank. The management announced that it is trying to avoid compulsory redundancies, but could not rule them out completely. The United Services Union wants to receive the mandate for the negotiations; about 13% of the NordLB employees are members of the United Services Union. The company is also looking into the possibility of selling subsidiaries and share holdings.
NordLB employs 6,000 staff members.
Eurofound (2017), Norddeutsche Landesbank, Internal restructuring in Germany, factsheet number 91105, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91105.