Finanz IT

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Information / Communication
Information Service Activities
Information Service Activities
63 - Information service activities
600 jobs
Number of planned job losses
Job loss
Announcement Date
13 February 2007
Employment effect (start)
13 February 2007
Foreseen end date
31 December 2008

Description

The competition between the two private German IT-companies providing services to saving banks and state banks - Sparkassen Informatik (SI) and FinanzIT - has led to a job cut at FinanzIT. It was announced on 13 February 2007 that 600 out of 2,700 jobs are to be lost until the end of 2008. FinanzIT, which is owned by several saving banks and state banks, provides IT services to about 170 saving banks and state banks. The IT-systems provided are said to be older than those of market leader SI. The job cuts form part of an overall restructuring programme.

Sources

  • 13 February 2007: Financial Times Deutschland

Citation

Eurofound (2007), Finanz IT, Internal restructuring in Germany, factsheet number 64944, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64944.