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.
On 10 October 2008, German banking corporation Deutsche Bank announced a 'growth and efficiency programme' which envisages the expansion of outlet centres and a reduction of all back-office activities. The company announced to cut 1,100 jobs in its back-office divisions concerned with credit handling and call centre activities.
According to Financial Times Deutschland, management informed the works council that 800 jobs are to be cut in Germany and 300 elsewhere in Europe, most of them in Poland, Spain and Italy.
In Germany, job cuts are to be realised by merging back-office activities. According to FTD information, several sites are at risk to be closed. The bank plans to concentrate back-office activities at Leipzig and somewhere in the Rhine-Ruhr region. FTD notes that employees at the Leipzig site are not covered by a collective agreement. Talks with the works council will continue in March 2009.
Eurofound (2008), Deutsche Bank, Internal restructuring in Germany, factsheet number 67271, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67271.
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