Restructuring events
European Restructuring Monitor (ERM)
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.
As announced on 24 June 2021, the German financial institute Sparkasse in Frankfurt will dismiss 140 full-time employees by 2025 due to internal restructuring. The affected positions relate to staff of the branches (60%) as well as to employees at the headquarters (40%). The step is related to the planned closure of 17 out of 60 branches until the middle of 2024. Furthermore, Sparkasse Frankfurt will be creating around 50 new jobs for digital consultations. Sparkasse Frankfurt expects that only 20% of its customers will be using its branch system in the future. Consequently, Sparkasse Frankfurt is optimising its processes and will focus on online banking with the premise to reduce its annual personnel costs by €10 million.
Currently Sparkasse Frankfurt has 1,400 employees in Germany.
Eurofound (2021), Sparkasse Frankfurt, Closure in Germany, factsheet number 104967, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104967.