EMCC European Monitoring Centre on Change

Dresdner Bank

Company/Organisation:
Dresdner Bank

Geographic Location

Country: Germany

Company

Sector: Financial services
Financial and insurance activities
64.1 - Monetary intermediation
Number Employed: 28000
Group: Allianz AG

Employment Effects

Announcement Date: 24-11-2005
Planned Job Reductions min: 1860
Planned Job Reductions max: 1860
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2006
Foreseen End Date: 31-12-2009
Other Job Reduction Measures: 1860

Additional Information

Dresdner Bank, the second largest German Bank belonging to giant Allianz, is to reduce its workforce in Germany by 1,860 employees by 2009. The reduction is slightly smaller than it was previously announced. Dresdner intended to cut almost between 2,000 and 3,000 jobs. However, there shall be no dismissals. If the bank reaches its financial goals for 2005, another 160 employees, whose positions are at risk, will be held. The cost-cutting effort is part of a so-called 'profitability and growth programme'. In 2005, some € 400 million have been spent to finance the restructuring programme so far.