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.
HypoVereinsbank (HVB), one of Germanys largest bank, announced on 28 August 2006 its plans to hire 60 apprentices, raising the total number of apprentices to 600 by 2007. About 80% of the 600 apprentices might find a further employment at HVB, the company says.
However, in the years 2006 and 2007 HypoVereinsbank will cut about 4,000 jobs. Internal restructuring will affect the back office segment the most, whereas HypoVereinsbank plans to leave the service segment widely untouched and to slightly increase the number of service personnel.
After HypoVereinbank merged with UniCredit in 2005, the company announced that it was to follow a new cost cutting programme, as a result of which, 1,450 jobs will be cut through fluctuation at Hypovereinsbank by the end of 2006, whereas 650 jobs will be shed at Hypovereinsbank's subsidiaries by July 2007. Out of these 650 jobs, 500 will be lost as a result of the plans of UniCredit, as announced on 5 July 2006, to offshore the IT-services of HypoVereinsbank to Eastern Europe.
Still another 1,800 jobs will be cut due to the merger with UniCredit. In all likelihood, 600 out of these 1,800 will affect accounting jobs, since on 20 March 2006 it was announced that HypoVereinsbank's accounting system will be replaced by the system of UniCredit's and that 600 jobs will be shed in line with this.
Since HypoVereinsbank is bound by a collective agreement there will be no direct dismissals till 2008.
Eurofound (2006), HypoVereinsbank, Internal restructuring in Germany, factsheet number 64005, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64005.
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