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

2,200 - 2,400 jobs
Number of planned job losses
Job loss
Announcement Date
24 February 2005
Employment effect (start)
Foreseen end date


HVB Group, Germany's second-largest bank, said it plans to eliminate up to 2,400 jobs after having announced a loss of €2.28 billion ($3 billion) in 2004. The reduction of between 2,200 and 2,400 jobs, or about 4% of the overall workforce, will help the company lower expenses by at least €280 million annually, Munich-based HVB said in a statement on the Frankfurt exchange newswire. The latest job losses, bring the total announced in the past four years to 13,400. The job cuts will affect mostly back-office jobs in Germany, said Klaus Grünewald, a member of HVB's supervisory board.


  • 25 February 2005: Frankfurter Allgemeine Zeitung
  • 25 February 2005: Financial Times Deutschland


Eurofound (2005), HypoVereinsbank, Internal restructuring in Germany, factsheet number 61216, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61216.