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 64.1 - Monetary intermediation
1,200 jobs Number of planned job losses
Announcement Date
11 November 2015
Employment effect (start)
31 December 2015
Foreseen end date
31 December 2018
Description
German bank Hypo-Vereinsbank (HVB) announced its plans to cut 1,200 jobs in Germany by the end of 2018. The company wants to focus on digitisation as well as reducing its branches by the end of 2015. Its 580 branches will be reduced to 341 nad the remaining branches will be equipped with more technology.The bank's CEO even believes that one day bank branches will be superfluous.
HVB is a subsidiary of Unicredit, an Italian bank, which is aiming to cut costs. This job reduction has begun in the end of 2014 and the overall workforce will be reduced to 2,900 by the end of 2015. The parents company Unicredit had already announced that 18,000 jobs will be cut worldwide.
Hypo-Vereinsbank is a subsidiary of the Italian bank, Unicredit, and is headquartered in Munich. Currently, 17,000 employs are working for Hypo-Vereinsbank in Germany as part of 130,000 employees working for Unicredit worldwide.
Sources
11 November 2015: Frankfurter Allgemeine Zeitung Online
12 November 2015: Spiegel Online
11 November 2015: Focus Online
Citation
Eurofound (2015), Hypovereinsbank (HVB) , Internal restructuring in Germany, factsheet number 85566, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85566.
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