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.
DZ Bank and WGZ Bank announced plans to cut about 700 jobs by 2019. Job cuts are due to the merger between the two credit cooperatives. These restructuring plans will be negotiated with the works councils in the upcoming weeks. However, the banks agreed to seek an agreement with the works councils and that dismissals due to operational reasons are to be avoided. The job cuts of 700 positions does not affect the banks' subsidiaries.
The announcement about the merger was made in November 2015 and a contract will be signed in April, 2016. After the merger, the credit cooperatives will form one of the leading commercial banks in Germany. According to the management, job reductions are necessary to save costs and increase profit. Additionally, the cooperative is planning for internal restructuring in 2018.
DZ and WGZ Bank are currently employing about 5,700 employees. The two financial institutions will merge on 1 August 2016. DZ Bank is roughly four times larger than WGZ Bank.
Eurofound (2016), DZ Bank, Merger/Acquisition in Germany, factsheet number 86516, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86516.
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