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
150 jobs Number of planned job losses
Announcement Date
12 November 2010
Employment effect (start)
12 November 2010
Foreseen end date
Description
The private bank Sal. Oppenheim has announced 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.
Sources
15 November 2010: Handelsblatt
15 November 2010: Financial Times Deutschland
Citation
Eurofound (2010), Sal. Oppenheim, Internal restructuring in Germany, factsheet number 71173, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71173.
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