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

150 jobs
Number of planned job losses
Job loss
Announcement Date
12 November 2010
Employment effect (start)
12 November 2010
Foreseen end date


The private bank Sal. Oppenheim hasĀ announcedĀ that they will cut 150 out of 965 jobs in Germany beginning in November 2010. The bank is restructuring its business and seeks to save costs by reducing personnel. It has agreed with the works' council on a social plan regulating the job cuts. Apart from the job cuts, the bank will also relocate its headquarters from Luxembourg to Germany, i.e. Cologne. The bank, which is currently running deficits, stressed its intention to return to break-even results in 2011.


  • 15 November 2010: Handelsblatt
  • 15 November 2010: Financial Times Deutschland


Eurofound (2010), Sal. Oppenheim, Internal restructuring in Germany, factsheet number 71173, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71173.