Type
Internal restructuring
Country
Germany
Region
Bayern; Oberbayern; München
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

140 jobs
Number of planned job losses
Job loss
Announcement Date
10 August 2005
Employment effect (start)
1 September 2005
Foreseen end date
31 December 2005

Description

Hypo Real Estate, a mortgage bank, has announced a cost cutting measure that will eliminate 140 jobs. While €25 million will be saved through this measure every year, the restructing measure will cost €35 million in 2005. No announcement was made as to how the job cut will be managed.


Sources

  • 11 August 2005: Berliner Morgenpost

Citation

Eurofound (2005), Hypo Real Estate, Internal restructuring in Germany, factsheet number 62090, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62090.