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.
Building society Schwäbisch Hall, a DZ-Bank subsidiary, announced plans to cut 200 to 250 jobs at its headquarters by the end of 2016. As announced, the Schwäbisch Hall based organisation plans to reduce payroll and material costs by € 50 to 80 million. The job reduction measure is expected to be implemented by means of natural attrition and hiring freeze.
According to the sources the cost saving measure is due to the shrinking saving volume, since low interest rates are making the building society saving less attractive. As reported, the volume of saving has decreased by one third. This year the company concluded half as much contracts as in the past year.
Eurofound (2014), Schwäbisch Hall, Internal restructuring in Germany, factsheet number 77557, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77557.