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 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
Announcement Date
10 August 2006
Employment effect (start)
1 August 2006
Foreseen end date
31 August 2008
Description
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.
Sources
11 August 2006: Financial Times Deutschland
11 August 2006: Handelsblatt
11 August 2006: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2006), West LB, Internal restructuring in Germany, factsheet number 63900, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63900.
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