Type
Internal restructuring
Country
Germany
Region
Bayern; Oberbayern; M√ľnchen
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

2,000 jobs
Number of planned job losses
Job loss
Announcement Date
13 June 2005
Employment effect (start)
1 July 2005
Foreseen end date
30 June 2008

Description

After Hypovereinsbank and Unicredito have agreed to merge, Hypovereinsbank has announced a new cost-cutting programme. On top of job losses announced in February 2005, the merger will lead to the loss of 2,000 jobs at the German operations of Hypovereinsbank. Merger-related job losses have also been announced for Eastern Europe, Italy and Austria. No announcements were made as to how the job-cutting is to be implemented.


Sources

Citation

Eurofound (2005), HypoVereinsbank, Internal restructuring in Germany, factsheet number 61748, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61748.