Location of affected unit(s)
Frankfurt, Düsseldorf
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

700 jobs
Number of planned job losses
Job loss
Announcement Date
16 February 2016
Employment effect (start)
1 August 2016
Foreseen end date
31 December 2019


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.


  • 16 February 2016: Handelsblatt (online)
  • 16 February 2016: Wirtschafts Woche
  • 17 February 2016: Handelsblatt (print)
  • 17 February 2016: Frankfurter Allgemeine Zeitung


Eurofound (2016), DZ Bank, Merger/Acquisition in Germany, factsheet number 86516, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86516.