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
485 jobs Number of planned job losses
Announcement Date
4 October 2018
Employment effect (start)
1 November 2018
Foreseen end date
31 December 2022
Description
DZ Bank has announced plans to cut 485 jobs. The bank aims at increasing its incomes by 3.5 per cent per annum by 2022, keeping its position as one of Germany's leading banks. In order to reach its target, DZ Bank is looking to further digitise its operations and reduce its staff. The bank has started negotiations with the work council, in an attempt to find alternative job reduction measures instead of direct dismissals.
In 2016, DZ Bank merged with its sister company WGZ Bank resulting in a loss of about 700 full- time positions.
Sources
Citation
Eurofound (2018), DZ Bank, Internal restructuring in Germany, factsheet number 95949, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95949.
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