Hamburg Commercial Bank (HCOM)

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Hamburg, Kiel
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
980 jobs
Number of planned job losses
Job loss
Announcement Date
28 March 2019
Employment effect (start)
30 June 2019
Foreseen end date
31 December 2022

Description

The Hamburg Commercial Bank, the former state bank of the states of Hamburg and Schleswig-Holstine, privatised in 2018, announced a jobs cut programme. Major jobs cutting plans were announced by the end of 2018 as part of an ongoing restructuring process but numbers were not confirmed. From 30 June 2019 to the end of 2022 the number of positions (in full time equivalents) shall decrease from 1,630 positions to 950 in Hamburg and Kiel. In Kiel, the former financial institutions will be completely restructured to serve as an IT and service point. Out of the current 500 positions, 200 will remain.

Sources

Citation

Eurofound (2019), Hamburg Commercial Bank (HCOM), Internal restructuring in Germany, factsheet number 98448, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98448.