Internal restructuring
Location of affected unit(s)
Financial Services
Activities Auxiliary To Financial Services And Insurance Activities
Activities Auxiliary To Financial Services And Insurance Activities
66 - Activities auxiliary to financial services and insurance activities

500 jobs
Number of planned job losses
Job loss
Announcement Date
10 August 2006
Employment effect (start)
1 August 2006
Foreseen end date
31 August 2008


On 10 August 2006 the banking company West LB, the bank of North Rhine Westphalia, announced a cost-saving-program (“Lean-Bank-Initiative”) to reduce costs by €250 Million within three years. The plans comprise to reduce staff which is not directly involved in customer services, namely in the administrative and IT-divisions. In Germany, where West LB employs a workforce of 4,200, about 500 jobs are planned to be cut.

In the first half of 2006, WestLB did already shed 325 jobs in Germany. These job cuts were not related to the new plans mentioned above.

In fall, the company will give details on job cuts at its international units.


  • 11 August 2006: Financial Times Deutschland
  • 11 August 2006: Handelsblatt
  • 11 August 2006: Frankfurter Allgemeine Zeitung


Eurofound (2006), West LB, Internal restructuring in Germany, factsheet number 63900, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63900.