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
850 jobs Number of planned job losses
Announcement Date
22 November 2017
Employment effect (start)
22 November 2017
Foreseen end date
22 November 2022
Description
On 22 November 2017, the German savings bank Sparkasse Köln-Bonn confirmed the loss of 850 jobs within the next 5 years due to internal restructuring. According to a bank spokesman, job reductions are necessary in order to keep personnel costs stable given the prospect of possible tariff increases. The bank is also reacting to the increasing digitalisation in the financial sector. As more people use online banking, branches are becoming dispensable in some cases.
Management announced that there will not be any compulsory redundancies and will try to find socially acceptable measures. Currently Sparkasse Köln-Bonn has 4,200 employees.
Sources
22 November 2017: Handelsblatt (online)
22 November 2017: Bonner General-Anzeiger (online)
Citation
Eurofound (2017), Sparkasse Köln-Bonn, Internal restructuring in Germany, factsheet number 92617, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92617.
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