Type
Internal restructuring
Country
Germany
Region
Baden-W├╝rttemberg;
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.11 - Central banking

380 jobs
Number of planned job losses
Job loss
100 jobs
Number of planned job creations
Job creation
Announcement Date
2 August 2006
Employment effect (start)
1 January 2006
Foreseen end date
31 December 2006

Description

On 2 Augsut 2006 Landesbank Baden-Wuerttemberg LBBW, the central banking institution of the savings banks of Baden Wuerttemberg, reported that job cuts will amount to 380 in 2006. The vast majority of jobs were already shed in the first half of the year. LBBW ranks among the five largest German banks. The banking institution of the federal state of Rhineland-Palatinate (Landesbank Rheinland-Pfalz) and the regional banking company of Bank Baden Wuerttemberg (BBW), which was acquired in 2005, are subsidiaries of LBBW. The administrative staff of both subsidiaries are pooled at LBBW, which in August 2006 employes a workforce of 12,282. Job cutting measures have been into effect to cut administrative costs. On 2 August 2006 LBBW (Landesbank Baden-W├╝rttemberg) also announced the creation of up to 100 new jobs in its financial markets division.


Sources

  • 3 August 2006: Frankfurter Allgemeine Zeitung

Citation

Eurofound (2006), Landesbank Baden-Wuerttemberg (LBBW), Internal restructuring in Germany, factsheet number 63907, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63907.