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 64.19 - Other monetary intermediation
800 jobs Number of planned job losses
Announcement Date
23 October 2019
Employment effect (start)
1 January 2020
Foreseen end date
31 December 2022
Description
The Swedish bank Handelsbanken has announced 800 job cuts, mainly in Germany, Sweden and Asia by 2022 with the aim to save costs. The bank aims to reduce costs after criticism of its spending on digital services and expansion abroad. It has also invested heavily in compliance to fight financial crime and money laundering. The bank plans to cut annual spending by about 1.5 billion crowns (€143 million). The CEO of Handelsbanken, comments that the bank will maintain its existing network of bank offices in Sweden, and that the changes mean that Handelsbanken will discontinue operations in Asia and Germany, while centralising foreign operations to the offices in Luxembourg and New York.
Eurofound (2019), Handelsbanken, Internal restructuring in World, factsheet number 99297, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99297.
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