EMCC European Monitoring Centre on Change



Geographic Location

Country: Germany


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 66000
Group: HVB Group

Employment Effects

Announcement Date: 25-02-2003
Planned Job Reductions min: 9100
Planned Job Reductions max: 10100
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-02-2003
Foreseen End Date: 01-12-2004

Additional Information

HVBA, one of the largest German banks, had already announced the suppression of 9100 jobs until the end of 2004, it seems now (02/2003) that this year already 1000 more would be suppressed. In the frame of the integration of Vereinsbank and Westbank, HVB plans to shed some 600 jobs. According to management, direct dismissals will be avoided as much as possible.