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
2,500 jobs Number of planned job losses
Announcement Date
2 October 2009
Employment effect (start)
Foreseen end date
Description
Germany's biggest public sector bank Landesbank Baden-Württemberg announced a restructuring plan involving the loss of 2,500 jobs throughout the EU. The plan is expected to save the bank EUR 700m per year. There is no information on exactly where the redundancies will take place.
LBBW will close its activities in the real estate business in 15 out of 18 countries. Operations will continue only in Germany, Great Britain and France. Moreover, the bank will discontinue activities in the airline and in the shipping business. A considerable number of outlets in other European countries shall be shut down.
The restructuring plan involves the reduction of non-strategic activities, the divestment of equity investments and a reduction of total assets by 40%.
Sources
2 October 2009: Financial Times Deutschland
Citation
Eurofound (2009), Landesbank Baden-Würtemberg (LBBW), Internal restructuring in European Union, factsheet number 69667, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69667.
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