Restructuring events
European Restructuring Monitor (ERM)
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.
German Hypovereinsbank (HVB) is to cut 1,500 jobs by the end of 2015. As announced on 6 August 2014, 240 of 580 subsidiaries shall be closed or merged. 1,300 jobs in retail banking will become redundant in the subsidiaries, 200 people will be dismissed in the bank’s administration department. The management intends to implement the job losses in a socially acceptable manner but does not exclude operational dismissals.
Hypovereinsbank is a Bavarian bank which belongs to the Italian Unicredit group. HVB employs around 19,000 people in total. In the first half of 2014, profits decreased by more than 50 p.c. The company suffers from the increasing use of online banking.
Eurofound (2014), Hypovereinsbank, Closure in Germany, factsheet number 77403, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77403.