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
200 jobs Number of planned job losses
Announcement Date
23 February 2017
Employment effect (start)
23 March 2017
Foreseen end date
31 December 2019
Description
On 23 February 2017, German savings bank Stadtsparkasse München announced to cut 200 jobs by the end of 2019.
Due to low interest rates, the savings bank generated 5% less in profits than in 2015; job cuts and some outsourcing processes are to compensate for this. The reduction in jobs will be implemented by not replacing staff who retire but not through compulsory redundancies.
Stadtsparkasse München already cut 75 jobs last year. According to the management, the online-banking business increased by 20%. These developments towards more digitalisation will make it easier to compensate for an increase in workload for remaining staff. The bank currently employs 2,306 members of staff and is operating mainly in Munich.
Sources
23 February 2017: Süddeutsche Zeitung (epaper)
12 January 2017: Abendzeitung München
Citation
Eurofound (2017), Stadtsparkasse München , Internal restructuring in Germany, factsheet number 90485, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90485.
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