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 - Financial service activities, except insurance and pension funding
1,200 jobs Number of planned job losses
Announcement Date
5 October 2006
Employment effect (start)
Foreseen end date
31 October 2007
Description
At the end of 2005 German banking company Postbank acquired the German financial service provider BHW - a specialist in the building loan business. Following this take-over the number of employees at Postbank grew from 9,200 to 23,000. As was announced on 5 October 2006, Postbank plans to reduce its staff by 1,200 by autumn 2007, by offering early retirement and redundancy payments. The company announced that 700 employees had already agreed to such a settlement.
Sources
5 October 2006: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2006), Postbank, Merger/Acquisition in Germany, factsheet number 64214, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64214.
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