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
120 jobs Number of planned job losses
Announcement Date
13 May 2009
Employment effect (start)
Foreseen end date
Description
According to a decision by the EU Commission, WestLB, the bank of the federal state of North-Rhine Westfalia, will undergo restructuring which will result in the loss of 120 jobs. The bank is to diminish its total assets by 50% and focus on only three core business activities; the bank is expected to be sold by the end of 2011. An as yet unknown number of sites in Germany and elsewhere will be closed. Apart from the bank's headquarters at Düsseldorf, all other sites in North-Rhine Westfalia will be closed. This will affect 120 employees out of 800 in North-Rhine Westfalia.
Sources
Citation
Eurofound (2009), WestLB, Internal restructuring in Germany, factsheet number 68887, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68887.
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