Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

2,800 jobs
Number of planned job losses
Job loss
Announcement Date
30 June 2020
Employment effect (start)
30 June 2020
Foreseen end date
31 December 2023


Financial service provider Norddeutsche Landesbank announced it plans to cut 2,800 jobs out of 5,300 by the end of 2023. The company stated that redundancies would be completed on a voluntary basis (by early retirement or voluntary departure) and no job had to be cut "due to operational reasons". The bank had run major deficits in 2019 due to non-performing loans in the shipbuilding sector. Norddeutsche Landesbank received a bailout package worth €3.6 billion in 2019 from the group of Sparkassen savings banks as well as the Lower Saxony regional government after coming under pressure to make good shortfalls in regulatory capital. This aid was subsequently approved as compliant with EU state aid rules. In addition to the job cuts, the bank is also restructuring its business and investing around €500 million in a new digitalisation initiative and new IT-systems.



Eurofound (2020), Norddeutsche Landesbank, Internal restructuring in Germany, factsheet number 101216, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101216.