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
1,200 jobs Number of planned job losses
Announcement Date
24 September 2004
Employment effect (start)
24 September 2004
Foreseen end date
31 December 2008
Description
Norddeutsche Landesbank (NordLB) is planning to cut 1,200 jobs by the end of 2008 to increase its profitability when the regional state-owned Landesbanken lose their state guarantees next year. The job cuts will save NordLB 120 million per year. Currently, the bank employs 9,500 people.
Sources
24 September 2004: Financial Times Deutschland
24 September 2004: Frankfurter Allegemeine
Citation
Eurofound (2004), Norddeutsche Landesbank (NordLB), Internal restructuring in Germany, factsheet number 60578, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60578.
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