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 64.19 - Other monetary intermediation
1,790 jobs Number of planned job losses
Announcement Date
19 April 2013
Employment effect (start)
20 April 2013
Foreseen end date
31 December 2013
Description
Portigon, successor group to former landesbanken WestLB, will cut more than 1,400 jobs by the end of 2013. This is due to a weak order position. As announced, 2,450 workers will be made redundant in the next 3 years. By the end of 2012, Portigon employed 2,600 people. This will be reduced to 150 by the end of 2016. Additionally, Portigon aims to outsource 360 jobs in its IT section and will employ 500 employees in a service company. Forced redundancies are not ruled out.
The European Commission ordered WestLB to cease operations in June 2012 as a condition tied to the 17 billion euros in state aid received following the global financial crisis.
Sources
18 April 2013: Bloomberg (online)
24 April 2013: Frankfurter Allgemeine Zeitung
19 April 2013: Handelsblatt
Citation
Eurofound (2013), Portigon, Internal restructuring in Germany, factsheet number 75279, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75279.
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