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 64.99 - Other financial service activities, except insurance and pension funding n.e.c.
2,800 - 3,200 jobs Number of planned job losses
Announcement Date
30 August 2017
Employment effect (start)
30 August 2017
Foreseen end date
31 December 2023
Description
On 30 August 2017, the German bank NordLB announced it will cut up to 1,250 jobs in Germany by 2020. This is part of an internal restructuring programme which is aimed at decreasing the bank’s annual costs by as much as €150 to €200 million. The main goal for 2017 is to return to profitability after having cashed in a loss of €2 billion in 2016. In the first six months of 2017, NordLB made a profit of €409 million compared to a deficit of €364 million in the first six months in 2016.
NordLB currently has 6,000 employees.
Updated, 18/12/2020
As announced on 18 December 2020, NordLB has finished negotiations regarding cancellation of contracts with all affected employees. All affected employees are leaving NordLB on a voluntary basis by the end of 2023. Overall, approximately 2,800 employees agreed to a cancellation contract, which is more than double than previously planned and will reduce the number of employees at NordLB by around 50% to 2,800.
Sources
Citation
Eurofound (2017), NordLB, Internal restructuring in Germany, factsheet number 91838, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91838.
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