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
2,200 - 2,400 jobs Number of planned job losses
Announcement Date
24 February 2005
Employment effect (start)
Foreseen end date
Description
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.
Sources
25 February 2005: Frankfurter Allgemeine Zeitung
25 February 2005: Financial Times Deutschland
Citation
Eurofound (2005), HypoVereinsbank, Internal restructuring in Germany, factsheet number 61216, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61216.
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