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

750 - 1,100 jobs
Number of planned job losses
Job loss
Announcement Date
11 February 2009
Employment effect (start)
8 September 2008
Foreseen end date
31 December 2012


On 11 Febuary 2009, the banking company HSH Nordbank announced the loss of 1,100 out of 4,500 jobs by 2012. There is no information on where the job cuts will be implemented. Direct dismissals are not ruled out, the company says. HSH Nordbank faces a loss of up to approximately 2.6 billion euro. The bank applied for state support.

According to a 24 Febuary 2009 announcement, the federal states of Hamburg and Schleswig-Holstein, which hold about 60% of the bank, have decided on a EUR 13 billion bailout to save the bank. Both states will set up a special financial agency that is to invest EUR 3 billion and provide guarantees totalling EUR 10 billion. Additionaly, a 'bad bank' will be set up. HSH Nordbank will be restructured to focus on financial services for regional enterprises and shipbuilding. 

The federal support is said to be highly risky and debated as possibly leading to bankruptcy of Schleswig-Holstein, FAZ says.

Other owners, such as US investor Christopher Flowers (26%) and the Sparkassen of Schleswig-Holstein (15%), are unwilling to save the enterprise with further investments. 


  • 18 February 2009: Financial Times Deutschland
  • 9 September 2008: Frankfurter Allgemeine Zeitung
  • 12 February 2009: Frankfurter Allgemeine Zeitung
  • 12 February 2009: Financial Times Deutschland


Eurofound (2009), HSH Nordbank, Internal restructuring in European Union, factsheet number 67085, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67085.