DB Pay

Type
Merger/Acquisition
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
450 jobs
Number of planned job losses
Job loss
Announcement Date
19 July 2004
Employment effect (start)
Foreseen end date

Description

Deutsche Postbank is cutting 450 out of a total of 800 jobs at DB Payments, the former subsidiary of leading German bank Deutsche Bank. Postbank took over DB Payments earlier this year when it entered into an agreement with Deutsche Bank under which it took over parts of the foreign payment transaction processing activities of the former.

Sources

  • 19 July 2004: Frankfurter Allgemeine

Citation

Eurofound (2004), DB Pay, Merger/Acquisition in Germany, factsheet number 60580, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60580.