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
1,100 jobs Number of planned job losses
Announcement Date
25 August 2011
Employment effect (start)
25 August 2011
Foreseen end date
31 December 2014
Description
As announced on December 15th 2011, German HSH Nordbank will cut about 1,100 jobs in Germany.
The job cuts are part of an extensive restructuring programme following the banks application for state loans during the global financial and economic crisis. The federal states of Hamburg and Schleswig-Holstein have set up a special financial agency investing €3 billion in order to save the bank from insolvency. HSH representatives stated that the planned reduction in the headcount was necessary to meet the European Commission's conditions for approval of state aid.
This announcement is an expansion of the announced job losses from August. On 25 August 2011, the bank HSH Nordbank had announced to cut over 550 jobs in Germany, as a part of a global downsizing measure. In Germany, Hamburg and Kiel offices will be affected by the restructuring.
Financial Times Deutschland reported that there will be no forced dismissals. Redundancies are to be realised by (partial) retirement schemes and compensation payments will be offered to employees.
Sources
15 December 2011: HSH Nordbank (Press release)
16 December 2011: Financial Times Deutschland
26 August 2011: Handelsblatt
26 August 2011: Financial Times Deutschland
Citation
Eurofound (2011), HSH Nordbank, Internal restructuring in Germany, factsheet number 72301, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72301.
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