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 1 December 2008, the Federal State bank of Bavaria Bayern LB Group announced to cut 5600 jobs by the end of 2013. 1000 jobs are to be lost at the bank’s headquarter in Munich as well as at its office in Nuremberg. Details on further locations affected in Germany were not yet released. The new restructuring programme seeks to realise about EUR 670 million savings by 2013.
Bayern LB Group furthermore announced that it will shut down its representative offices across Asia (Hong Kong, Shanghai, Beijing, Tokyo and Mumbai) along with its Milan office in Europe. 200 employees are therefore affected by job cuts outside Germany.
The restructuring programme is a reaction to the financial crisis which hit the group severely. By the end of November 2008, a government rescue package worth EUR 30 billion was approved to save the group from financial collapse.
Eurofound (2008), Bayern LB, Internal restructuring in Germany, factsheet number 67560, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67560.
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