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
390 jobs Number of planned job losses
Announcement Date
11 May 2009
Employment effect (start)
Foreseen end date
31 December 2011
Description
According to a May 2009 decision by the EU Commission, German bank Commerzbank has to split from its subsidiary Eurohypo, a property and state finance institute, by 2014 to be allowed to receive state aid.
On 11 May 2009, Commerzbank announced restructuring plans to prepare Eurohypo for the split. Eurohypo is expected to operate on a small number of foreign markets and a total of 390 jobs will be cut by 2011. Out of these 260 jobs will be located in Germany. There is no precise information on where the remaining jobs cuts will be implemented. However, it is planned to leave - among others - the Dutch and the Swiss market.
Sources
12 May 2009: Handelsblatt
12 May 2009: Financial Times Deutschland
Citation
Eurofound (2009), Eurohypo, Internal restructuring in European Union, factsheet number 68882, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68882.
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