Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

900 - 1,500 jobs
Number of planned job losses
Job loss
Announcement Date
8 February 2008
Employment effect (start)
Foreseen end date
31 December 2010


On 8 February it was announced, that the bank of the federal state of North-Rhine Westphalia, WestLB, will be restructured. There are plans to cut between 1300 and 1500 jobs as part of a general restructuring programme which is meant to save the bank €300 million until the end of 2010. The bank is in crisis following risky financial operations tied to the subprime crisis in the US. Where the job cuts will occur and how many employees will be dismissed is not yet decided.

See update Oct 2009. 900 jobs lost in period up to 2009, 400 to be lost before 2010.


  • 11 February 2008: Financial Times Deutschland
  • 9 February 2008: Frankfurter Allgemeine Zeitung


Eurofound (2008), WestLB, Internal restructuring in Germany, factsheet number 66286, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66286.