Norddeutsche Landesbank (NordLB)

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
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
1,200 jobs
Number of planned job losses
Job loss
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://apps.eurofound.europa.eu/restructuring-events/detail/60578.