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 64.1 - Monetary intermediation
2,250 jobs Number of planned job losses
Announcement Date
21 March 2006
Employment effect (start)
Foreseen end date
31 December 2012
Description
On 21 March 2006, Deutsche Bundesbank, Germanys central bank, announced to cut 2,000 jobs by 2010. The reduction of its staff is part of an internal restructuring programme. It was already launched in 2001 in order to adapt the organisation to the loss of functions that have been transferred to the European Central Bank.
On 13 December 2006, the Bundesbank announced in a press statement its new strategy for the years 2008 to 2012. The Bundesbank declared to reduce its workplaces from 11,250 to 9,000 till 2012, i.e. 2,250 workplaces will be affected (compared to only 2,000 originally announced). The management decided to reduce its market share from 75% to 50% with regard to its core business of issuing, supplying, checking and monitoring the circulation of bank notes. Therefore, the aforementioned number of workplaces will be lost in this sector. The management announced that no direct dismissals shall occur, but a natural employee turnover would suffice.
Sources
22 March 2006: Financial Times Deutschland
14 December 2006: Handelsblatt
Citation
Eurofound (2006), Deutsche Bundesbank, Internal restructuring in Germany, factsheet number 63227, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63227.
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